Harrah’s, Genting in Singapore casino bid

(source: Reuters July 31, 2006)

Harrah’s, Genting in Singapore casino bid
Mon Jul 31, 2006

SINGAPORE, July 31 (Reuters) – Two consortia — Malaysia’s Genting group and Harrah’s Entertainmentwith its Singapore partner Keppel Land — on Monday formally joined the contest to build Singapore’s second casino.

The Singapore Tourism Board, which handles the bidding process, said in a short statement it had received probity submissions from a total of four groups.

The two other consortia bidding for Singapore’s second casino, to be located on the island of Sentosa, had already submitted documents for probity checks ahead of Monday’s deadline as part of the bidding process.

They are Bahamas-based resorts developer Kerzner International Ltd. with its Singapore partner CapitaLand , and privately held Las Vegas casino developer Eighth Wonder, together with Starwood Hotels & Resorts and Isle of Capri Casinos Inc. .

Genting, which is bidding through its two affiliates Genting International and cruise operator Star Cruises Ltd. <0678.HK>, has teamed up with theme parks giant Universal Studios for the project.

Singapore awarded its first casino license to Las Vegas Sands Corp. in May after the U.S. firm promised to invest more than $3.2 billion in the project.

The city-state hopes the two gambling resorts will give a much-needed lift to tourism, boosting economic growth.

Singapore wants the Sentosa casino, a 49-hectare site, to have family leisure attractions to lure tourists to the region.

South Africa’s top casino operator Sun International pulled out of the race in June, saying the project would incur too great a diversion of its resources. Bids for the site are due Oct. 10.

Date Posted: 31-Jul-2006