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Singapore Plans to Tweak Casino Rules

12 August 2005

SINGAPORE – As reported by the Bloomberg News: "Singapore will modify some rules for the city-state's first casino-resorts after consulting bidders including Harrah's Entertainment Inc. and Las Vegas Sands Corp.

"In June the city-state delayed to the third quarter from the second releasing its request for proposals, which would spell out guidelines for its casino-resorts for the dozen bidders, which include Kerzner International Ltd. and Genting Bhd.

"…Singapore is counting on the resorts to help boost visitors after its share of Asia-Pacific's tourism revenue dropped by half in the past decade. The two casino resorts would draw S$5 billion ($3 billion) of investments and create about 35,000 jobs on the resort island of Sentosa and in the city's downtown Marina Bayfront, the government said. By comparison, last year Singapore added 71,400 jobs.

"…Potential investors say they're anxious to see what changes the government has made. City Developments Ltd., Singapore's second-biggest developer, said Thursday it wants to know if the government would retain its rule that the shareholding structure of the resort can't be changed by more than 5 percent…"

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