SINGAPORE CASINO UPDATE NOVEMBER 21, 2006

by Sean Monaghan - Merrill Lynch

Decision expected between 4-8 December.
We expect a decision on the winner for Singapore’s second casino and integrated resort (Sentosa) to be announced sometime in the first week of December. This time frame represents eight weeks from the submission of bids, just over a week after the final presentation to government panels and is consistent with the Marina Bay process.

What the government should be focusing on.
The Singapore government has outlined its four key criteria for evaluating the submissions: Tourism Appeal, Architectural Design, Investment and Consortium.
We believe there are another four areas to focus on including Market Knowledge, Operational Leverage, Tourism Delivery and Execution Risk.

Why Genting is still our favorite to win.
We believe Genting International should win Singapore’s second casino and integrated resort on Sentosa. We developed a scoring model and have scored the Genting syndicate (on the limited information available) at 88% vs the Kerzner syndicate on 82% and the Eighth Wonder syndicate on 79%. Download file - Singapore casino update 21 Nov 20061.pdf (630k)

Date Posted: 22-Nov-2006