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Singapore to Allow Two Casino Resorts

18 April 2005

SINGAPORE – As reported by the Singapore Business Times: "Singapore will allow two integrated casino resorts to be built, one at the Marina Bayfront and another on Sentosa, Prime Minister Lee Hsien Loong revealed in Parliament on Monday.

"In his speech, Mr Lee said that the two developments would be complementary to each other, and could create up to 35,000 jobs. Based on the request for concepts submitted to the government, Mr Lee said that investors were prepared to spend between $5 billion on the two projects.

"Singapore has received nearly 20 proposals from international gaming giants angling to build a casino in Southeast Asia's most prosperous country. Bidders include Harrah's, MGM and Las Vegas Sands.

"Mr Lee also outlined three major developments that had caused the Government to re-examine its position on allowing gaming in the country, namely: Singapore's declining market share for tourists in the region, major developments in cities around the world to reinvent themselves and that the development would be an integrated resort, and not a casino per se.

"…A record 8.3 million people visited Singapore in 2004, generating receipts of $9.6 billion. It is hoping to attract 17 million arrivals and receipts of $30 billion annually within a decade.

"…Minister of Trade and Industry Lim Hng Kiang said Singapore will award the winning bids for its two casino resort developments by the end of 2005…"

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