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Singapore's New Casino Project to be World's most Expensive
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2006-04-03
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The bid to win Singapore's first casino-resort license is set to become one of the highest-priced gaming projects ever built.
According to statements made by two of the four gambling companies competing for the license, the 50-acre resort complex, to be on the waterfront of the island's downtown district, will reach well over $3 billion.
One company, the Las Vegas Sands Corp. announced that the company's plans for the proposed Marina Bay Sands casino complex would reach $3.6 billion, and Genting International PLC, a Malaysian-based contender projected an investment of $3.1 billion into the Singapore Entertainment and Events Destination (SEED).
MGM Mirage, and Harrah's Entertainment, the other two companies in the running for the license declined to release the details of their casino-resort proposals, although all four bids have been submitted to the government of Singapore.
The government's decision on the proposals is expected to be handed down in early summer.
The most expensive gambling complex built to date is the Wynn Las Vegas, totaling a cost of $2.7 billion, though MGM Mirage is currently involved in their latest project, CityCentre on the Strip in Las Vegas, costing a massive $7 billion. However the project includes high-rise condominiums.
Other plans in the works include Boyd Gaming Corp's $4 billion project to build the new Echelon Palace on the site of the out-of-date Stardust Casino. The new Casino resort will feature four hotels encompassing 5,300 rooms.
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(By Ela)
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