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PBL Pulls Out of Singapore Race

3 January 2006

AUSTRALIA – As reported by the Sydney Morning Herald: "Publishing & Broadcasting Ltd has pulled out of the race to build a multibillion-dollar casino in Singapore, the first big corporate move by James Packer since the death of his father Kerry last week.

"Mr Packer said the expected returns from the luxury resort at Marina Bay were 'insufficient to justify the higher projected capital costs of the project'.

"The resort was initially expected to cost about $2 billion but reports surfaced of bidders prepared to spend double that for a winning proposal. The Singapore Tourism Board added to the escalating costs by setting a price on the land of $S1.2 billion ($986 million). Now gaming analysts expect it will be the most expensive casino resort ever built, even topping the Las Vegas complex opened by billionaire Steve Wynn in April.

"PBL was bidding for the Singapore project with its joint venture partner, Melco International Development, run by Lawrence Ho, son of Macao casino magnate Stanley Ho…"

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