SINGAPORE-Las Vegas Sands Corp. is preparing to invest US$3.6 billion to build Singapore's first casino resort at Marina Bay. A commitment on this scale would make it the world's most expensive casino project.
The investment value cited by Sands is higher than the US$3.1-billion figure suggested by Genting International and Star Cruises yesterday. Sands and the Genting International-Star Cruises consortium are among four groups that formally submitted proposals for the casino-resort project to the Singapore government earlier this week.
The other bidders for the Marina Bay casino, which will be built on 20.6 hectares of waterfront land near Singapore's financial district, are the a consortium comprising MGM Mirage and CapitaLand and a consortium comprising Harrah's Entertainment and Keppel Land.A statement by Sands said it is committed to opening the entire casino resort--to be called the Marina Bay Sands--in 2009. It added that its proposal includes plans for 2,500 hotel rooms; 1.2 million sf of convention and exhibition space; one million feet of retail; three large entertainment venues; restaurants; a museum offering "the best in international cultural and populist exhibits"; and separate facilities for premium gamblers.
Sands officials also unveiled an artist's impression of its proposed complex, which showed three hotel towers with a common sky roof overlooking its convention centers, theaters and casino. The world's most expensive casino to date resort is Wynn Las Vegas, which was built at a cost of US$2.7 billion.
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