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Damper On The Singapore Bill. 2005-10-27
Singapore is grabbing headlines these days when it comes to talking about gambling there. It seems they are trying to make a casino, but before this happens they need a bill dedicated to this issue. So far the draft of Singapore's casino control bill has a clause in it, and now this is becomes a difficult issue to face, and resolve.
If not handled appropriately, this may make it difficult for one company or joint venture to win the bid for casinos in both Singapore sites. It says in Section 41 of the draft bill that any person, who has an interest in 20% or more in a casino operator, can not hold shares in any other casino. This means that empires canít be made with the starting two casinos. Both need to be separate from control, and original is structure, and appearance. That way people will get a chance to choose where to go.
The media doesnít concur with this rule. They say the down side could affect the bidding strategy of Genting International (G16.SG) for the venture between Harrah's Entertainment (HET) and Keppel Land (K17.SG). They have expressed interest in both sites, but according to the bill this can not come to be.
In addition to the obvious concerns, the bill could also have an impact on Capitaland Ltd.'s (C31.SG) partnerships. They work with two different companies. No one is sure how that will affect, and what that will mean, but word is it wont be something good.
(By Andrea)