Wynn Resorts Confirms Singapore Casino Interest

15 February 2005

As reported by: Yahoo
Las Vegas gaming resort operator Wynn Resorts Ltd. (WYNN) Tuesday confirmed it intends to submit a proposal to build Singapore's first casino, putting it in competition with MGM Mirage (MGG) and Kerzner International Ltd. (KZL).

"Wynn Resorts is delighted to be participating in the process for this exciting project," the company, whose properties include the Bellagio and Mirage hotels in Las Vegas, said in a statement.

It didn't elaborate on its plans for Singapore, although local newspaper Straits Times said Wynn Resorts plans to go in alone, unlike rivals that are planning tie-ups with local partners.

The daily newspaper also quoted Wynn Resorts' President Ronald Kramer as saying the company is eyeing a site in Marina, just south of Singapore's central business district.

Wynn Resorts' investment could be anywhere between the US$704 million and US$2.7 billion it spent recently on projects in Macau and Las Vegas, Kramer said, according to the newspaper.

Last December, Singapore called for potential investors to submit concept plans for an integrated resort that may include a casino. If the concepts are "compelling," the government will formally request proposals from the investors, it said.

The deadline for the concept plan is Feb. 28.


Article By: Yahoo

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