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Advent-Led Consortium to Enter Bid for Singapore's Second Casino 2006-05-01
A consortium led by well-known resorts builder Mark Advent will be joined by Starwood Resorts and Isle of Capri Casinos Inc will enter the bidding for Singapore's second casino license, planned for the site on Sentosa Island.
Bids for the license have been officially opened, with the price tag for the 49-hectare site alone sitting on $2.2 million (S$5 million). Advent's company Eighth Wonder is one of five expected bidders. Best known for developing the Las Vegas casino, New York, New York, Advent's company will have the biggest share in the consortium. Starwood and Isle of Capri will manage the hospitality end of the project, while having an equity participation agreement. Other partners would be included in the agreement; however their names have not yet been made public.
Missouri-based Isle of Capri, which already operates around fifteen casinos in the US, is entering into their first deal with Advent, who reportedly commented that while no investment figures have been finalised, the consortium would be investing billions if it wins the contract. Financing would come from a combination of bank debt and equity.
The Singapore Gaming Board has announced that the bids for the Sentosa licence will be judged primarily on their tourism appeal, with additional factors such as the strength of the consortium, amount invested and architectural excellence also coming into consideration.
(By Cindy)