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Singapore Developers Partner with Gaming Operators

2 September 2004

SINGAPORE – As reported by the Singapore Business Times: " Local property developers look set to muscle in on a Singapore casino by joining forces with foreign gaming operators, industry sources say.

"BT understands that at least two big developers - CapitaLand and the Hong Leong Group - have had talks with overseas players to explore possible tie-ups should the government agree to a casino here.

"…And in a report released yesterday, UBS Investment Research said CapitaLand is likely to be 'at the forefront to directly benefit and participate' in developing a casino because of its good relationship with the government and track record in retail management and project development.

"In recent months, several big gaming players - including Hong Kong tycoon Stanley Ho's Sociedade de Jogos de Macau, US-based Harrah's Entertainment and Vienna-based Casinos Austria International - have expressed interest in Singapore.

"…Many gaming experts have come to Singapore recently, including Las Vegas-based independent equity gaming analyst Jonathan Galaviz, who was in town two weeks ago to 'consult with local potential players'…"

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