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Casinos In Singapore Ready For Buyer.
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2005-12-13
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Singapore is still looking to build their very first casinos in the area, and the bids for such things are still up in the air. Apparently, Wynn Resorts Ltd (WYNN), who proposed to take one of the famed two casinos that would be built in the area, has dropped out. So now both casinos are back for the bidding.
WYNN apparently failed to hand in corporate and personal history forms by the set date. The Singapore government demanded that this be done by their due date, which was this past Friday. The thing was that WYNN backed out because it turned out the cost of the building was more than they anticipated.
The government standards to build the casino were a lot more than what WYNN had intended to invest. Singapore, decided to build two casino resorts, after a ban was lifted restricting gambling. The cost of the casino resorts is now estimated around US$5 billion. If WYNN turned it down, then what hope do other companies have. This casino corporation definitely has the backing, but others may not, except for a handful.
Five casino companies currently remain in the running to build the casino resorts, despite this change. The winning bidder will be chosen, and have the follow the rules that WYNN should have. Now a winner may have to be chosen soon, if any work on the project can get underway.
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(By Andrea)
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