Singapore is to announce this Friday who will be the winning consortium to construct and run the first of two multi-billion-dollar casinos. Four consortia are in the race. This is made up of U.S. gaming groups, property companies, and leisure operators.
They are competing for a 30-year concession that will allow them to run a casino in Singapore’s downtown Marina Bay district.
Las Vegas Sands Corp says its $3.6 billion plan for the resort would make it the costliest in the world.
The casino could open as soon as 2009.
It is seen as a crucial part of Singapore’s strategy to boost its tourism and services sector, especially after the rise of Macau in the gaming industry.
Casions are expected to generate US$13 billion in revenues in the Asia-Pacific region this year.