Singapore bets on Las Vegas Sands

Written on May 27, 2006 by admin

May 26, 2006 - Las Vegas Sands has won the contract to build and run what is expected to become the most expensive casino complex in the world.

The government of Singapore has earmarked a 50-acre waterfront site for the casino, which will be the first in the country and forms part of an effort to shrug off Singapore's staid and repressive image.

It hopes the casino, due to open in 2009, will help it compete for tourism with states such as Macau and exploit rapid economic growth across Asia. Singapore aims to double visitor numbers and triple tourism revenue by 2015.

Sands, the world's largest casino operator, will spend more than $3.2bn (£1.7bn) on the complex, which will include a performance venue and conference centre and will be designed to resemble decks of cards.

The company was chosen over US groups MGM Mirage and Harrah's Entertainment, and Genting of Malaysia. Its shares rose 13pc on the news.

Singapore lifted its four-decade ban on casinos last year, eased regulations on bar-top dancing and added attractions such as the Crazy Horse Paris topless cabaret and the Ministry of Sound dance club. The government said the project's ability to attract tourists was the key criteria for winning.

It's hard to overestimate the effect the casino could have. Singapore minister Lim Hng Kiang said the project would create 30,000 jobs and swell Singapore's gross domestic product by as much as 0.8pc.

Singapore's Parliament debated the morality of dedicated gambling facilities, with some law-makers worried they would prey on low-income earners and encourage them to squander their money. The government already censors violent and pornographic films and has passed a law to promote religious harmony.

Casino operators say they are drawn to Singapore by its location within a six-hour flight for 2.5 billion people.

Singapore lifted the ban as Asian countries such as Thailand and Japan consider similar moves. The country will offer a second casino site, on the resort island of Sentosa, later this year.