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PBL in hot race of five for casino



Printer Friendly VersionPost a CommentTell a Friend about this Article11 December 2005
As reported by: The Courier-Mail
KERRY Packer's Publishing & Broadcasting Limited is closer to securing the rights to build a multi-billion-dollar casino in Singapore, but still faces stiff competition from four rivals following the announcement of a shortlist by the Singapore Tourism Board.

Five groups including PBL and three of the biggest names in the casino industry - US companies Harrah's Entertainment, MGM Mirage and Las Vegas Sands Corp - were on the shortlist after submitting bids by Friday's deadline, the Singapore Tourism Board said.

The final handful of contenders did not include Las Vegas gambling operator Wynn Resorts and Australia's Tabcorp. The two dropped their bids for the casino, which Merrill Lynch estimates will cost as much as $US5 billion ($6.5 billion) to develop.

The exit of Wynn is a blow for Leighton Asia, which would have been in the running for the construction contract if Wynn had won the bid. Leighton is building the new Wynn's casino in Macau.

Executives from PBL and its Asian gambling partner, the Hong Kong-quoted Melco, were in Singapore on Friday for talks with the Tourism Board before it announced the final shortlist. The two are building a casino-hotel complex in Macau and have plans for a second, larger project - City of Dreams - on Macau's new Cotai strip.

Tabcorp chief executive Matthew Slatter said the Singapore Government had set the cost of the land alone at $960 million ($S1.2 billion).
Article By: The Courier-Mail

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Packer moves into Macau gambling - 16 November 2004
Packer eyes Scots casino chain - 27 September 2004
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