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Wynn sees no threat to Asia casinos from Singapore

23 September 2009

HONG KONG -- As reported by Reuters: "Wynn Resorts, the world's third-largest casino operator by market value, said on Wednesday that Singapore's two upcoming casinos will not pose a threat to its Macau business, even as the city-state aims to draw high-rollers in with lower taxes.

"Las Vegas Sands' Marina Bay Sands and Genting Singapore's Resorts World at Sentosa will pay taxes of about 10 percent on net revenue from high-rollers, much lower than Macau's tax of about 39 percent, giving operators more incentive to draw gamblers to the city-state when the casinos are up and running by the end of this year or early next year.

"'People from all over will go to Singapore to check it out, some more than once,' said chief executive Steve Wynn at a media briefing. 'But as far as in the day in, day out, month in, month out of our business, proximity is the most important factor.'

"'Singapore will not be a major threat to our market," Wynn said, adding that the Chinese and Macau governments would protect the gambling market. "We're at the hands of a government that is very much aware ... of what they want Macau to be.'..."

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