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Channel NewsAsia , 30 Nov 04

S'pore to call for casino concept proposals in a few weeks: report
By Thomas Cho

SINGAPORE : Singapore will be requesting proposals in a few weeks' time from potential investors keen on building an integrated resort here. A Bloomberg report quoted government officials as saying that they will be asking for casino-and-complex concept proposals.

Several casino operators, including those from Las Vegas and Macau's SJM, have expressed interest in the project. But even as the government is still deciding whether to go ahead, two sites are being considered as possible locations for the casino complex. Analysts tell Channel NewsAsia the investment could be as much as US$2 billion, or S$3.3 billion.

One of the two locations being considered for the casino project is on the resort island of Sentosa. The other is the vacant site at Marina South, which analysts say will require a much bigger investment -- in fact, almost double. Independent gaming analyst Johnathan V Galaviz said, "In order to build a premium property in Singapore the investment range would have to be US$1 billion to US$2 billion; but more likely to be on the US$2 billion side for the Marina site. For the Sentosa cove site it will probably require US$1 billion.

The government announced in March that it was considering lifting the ban on casinos, amid rising competition for the tourist dollar. Since then, there have been differing opinions on the issue.

Critics are concerned about the social impact, but for gaming analysts, they say having a casino will be good for the island. Mr Galaviz said, "As far as indications for Singapore, Singapore should attract an investment of US$1 billion to US$2 billion, and theoretically it would have about 5,000 to 8,000 new jobs created." But for now the government is not rushing to make a decision. Officials say the concept proposals will help the government refine various parameters before it launches a formal request for proposals. - CNA

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