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Singapore Changing All the Rules. 2005-08-14
Singapore will start to amend some of the rules for the first casino resorts in the city-state. Harrah's Entertainment Inc. and Las Vegas Sands Corp., may be part of this new casino resort. In June there was a delay, but now things are hopefully up and running.
There was a delay because request for proposals between the second and third quarters. They would list the guidelines for the dozen bidders, including Kerzner International Ltd. and Genting Bhd. Singapore hopes that his will help them get a resort of their own soon.
Singapore is hoping to boost visitors after its share of Asia-Pacific's tourism revenue dropped. The drop came around with in the past decade. The two casino resorts would draw S$5 billion ($3 billion) of investments, which would create around 35,000 jobs on the resort island of Sentosa and in the city's downtown Marina Bayfront. Last year Singapore added 71,400 jobs.
Potential investors are excited to see what changes the government has already made. City Developments Ltd., Singapore's second-biggest developer, said last week, that they want to know if the government would retain its rule. They want to know because the shareholding structure can not be changed more that 5 %.
(By Andrea)