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Singapore to Miss September Deadline

26 September 2005

SINGAPORE -- As reported by the Dow Jones: "Singapore is likely to miss an end-September deadline to issue tender documents for a casino resort on Marina Bay, people involved in the process say, frustrating potential bidders, which have already invested significant time and money in the project.

"Despite its reputation as a place that gets things done quickly and on time, Singapore has already extended the target date for the issue of the formal request for proposals once before - from sometime in the second quarter to before the end of the third quarter.

"And a further delay in issuing the tender documents for the casino resorts appears likely, as authorities are still discussing specifications with potential bidders, which include well-known names such as Las Vegas operators Las Vegas Sands Corp. (LVS) and Wynn Resorts Ltd. (WYNN), said sources involved in the bidding.

"The sources added that the government hasn't yet come out with draft laws to legalize casino operations here.

"…The first casino will be located at Marina Bay, which is the site of Singapore's new downtown, and the second will be built on the resort island of Sentosa.

"…Apart from Las Vegas Sands and Wynn, companies in the running to build Singapore's first casino resorts include Australia's Tabcorp Holdings Ltd. (TAB.AU) and Publishing & Broadcasting Ltd. (PBL.AU); Kerzner International Ltd. (KZL), which operates the Atlantis resort in the Bahamas; South Africa's Sun International Ltd. (SUI.JO) and Peermont Global Ltd. (PTG.JO); Malaysia's Genting Group; and Las Vegas giants Harrah's Entertainment Inc. (HET) and MGM Mirage (MGM)…"

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