As reported by: Yahoo
The race to set up Singapore's first casino has intensified with Australia's Tabcorp becoming the latest international gaming giant to publicly announce it will bid for the controversial project.

At least six foreign gaming organisations, including Las Vegas heavyweights Wynn Resorts, MGM-Mirage and Harrah's, have now declared their interest in establishing a casino resort in the wealthy Southeast Asian city-state.

With analysts predicting the casino could generate up to 1.5 billion US dollars in revenues annually, many more gaming operators are expected to lodge proposals before the February 28 deadline.

"We would expect to continue to see more proposals for a Singapore casino in the next few weeks," Deutsche Bank said in an analysis released on Wednesday, while the Business Times newspaper has reported 20 bidders are expected.

Tabcorp, which describes itself as the fourth biggest entertainment and gambling company in the world, said it would spend two billion Singapore dollars (1.21 billion US dollars) on building its Singapore gaming resort.

Tabcorp's proposal would include luxury hotels, a theme park, the casino, restaurants and retail outlets at one or both of the two proposed sites -- Sentosa resort island and Marina Bayfront near the financial district.

Tabcorp, which operates casinos in major Australian cities such as Sydney, Brisbane and the Gold coast, stressed its proposal for Singapore would limit the social impacts of gambling.

"The resort will have a whole range of facilities that are family-friendly," Tabcorp chief executive Matthew Slatter told a press conference here.

"It is going to cater to all customers; we've an appropriate mix that fulfills the aspirations of the Singapore government."

In announcing late last year its intention to consider a casino, the Singapore government said it did not want gambling to become a free-for-all.

Some of the measures the government said it would implement to protect poorer members of society include a levy of 100 Singapore dollars for one-day entry into the casino and 2,000 dollars for an annual membership.

While some gaming operators have called for as few restrictions as possible, Slatter said Tabcorp was unconcerned with the government's limitations.

"We'll work with it and we'll work round it. We don't feel restricted; we're very happy with the proposal and think it looks very good," he said.

The entry of Tabcorp came one day after Wynn Resorts, whose chief, Steve Wynn, designed and built a string of famous Las Vegas casinos, announced its intention to bid for a Singapore gaming license.

Singapore government-linked property developer CapitaLand also said last month it would submit two proposals with major international gambling groups.

One of the developments would be at Marina Bayfront with MGM Mirage, which operates famous Las Vegas casinos such as Bellagio, The Mirage and Treasure Island.


Article By: Yahoo