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Tabcorp Withdraws Singapore Bid

SINGAPORE – As reported by the Australian: "Tabcorp has withdrawn from the bidding for a major casino development in Singapore following a sharp rise in the likely cost of the luxury complex.

"Chief executive Matthew Slatter said yesterday the decision to drop out of the highly competitive bidding process would also allow it to devote more resources to other potential international opportunities.

"He said this could include bidding on casino licences in Thailand as well as opportunities in the gambling industry in Europe and South America.

"He said the cost of the Singapore project, which will house the city's first casino, had risen since Tabcorp expressed its interest in bidding in February this year.

"…He said the rising cost and the time lines associated with the project meant the risk/return position on the Singapore project was not strong enough to remain in the bidding…"

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