Nevada-based Sands "is proposing to invest 3.6 billion US dollars to devleop The Marina Bay Sands, making it possibly the most expensive integrated resort ever proposed," the company said in a statement.
Sands was unveiling details of its bid submitted on Wednesday to the Singapore Tourism Board after three other groups filed their proposals for the waterfront Marina Bay site where the "integrated resort" is expected to open in 2009. Malaysia's Genting International said it would invest more than 3.08 billion US dollars with its minority partner Star Cruises if their bid succeeds.
The other contenders, US gaming giants MGM Mirage and Harrah's, have not revealed the extent of their proposed investments.
MGM Mirage bid with its partner, Singapore and Southeast Asia's biggest property group CapitaLand, while Harrah's, the world's largest gaming operator, has teamed up with prominent local developer Keppel Land.
Sands, which has operations in the southern Chinese enclave of Macau, is submitting a solo bid after local firm City Developments pulled out.
Las Vegas Sands' president and chief operating officer, William Weidner, said his firm is the only US gaming and integrated resort company currently operating in Asia.
"With an extensive existing footprint in China ... LVS will be able to attract tourists to Singapore by leveraging our extensive global customer base and strong relationships with international travel agents and reputable junket operators," Weidner said.
The proposed gaming resort complex will include 2,500 hotel rooms, 1.2 million square feet (108,000 square metres) of convention space and one million square feet (90,000 square metres) for retail shopping, Sands said.
Sands also plans to offer a museum of "cultural and populist exhibits", Broadway musicals, Bollywood entertainment as well as to bring in top celebrity chefs and spa facilities to attract non-gaming visitors.
The "integrated resort" complex refers to the non-gaming facilities accompanying the casino.
"As a catalyst for the economic future of Singapore and a launch pad for its tourism industry, The Marina Bay Sands will help Singapore solidify its standing among the world's greatest destinations," said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp.
A drawing of the proposed project released by Sands shows three halls with curving roofs in front of three towers.
The winning bid is expected to be announced in June.
Singapore last year lifted a ban on casino gambling in order to boost its tourism appeal.
AFP
Publisher: I-Net Bridge
Source: I-Net Bridge
