The Singapore government says tourist appeal will be the main factor in selecting the casino operator. This has prompted some analysts to tip Genting's proposal as the front runner; it plans to build a $1.2-billion theme park in cooperation with Universal Studios.
The main attraction offered by Kerzner, which operates the Atlantis in the Bahamas, will be Frank Gehry-designed buildings. Gehry is a US architect who designed the Bilbao Guggenheim museum in Spain. CapitaLand will have a 40% stake in the joint venture.
Privately held Eighth Wonder says PBL and Isle of Capri Casinos from the US would be equity partners in its bid. The PBL-Melco joint venture, covering casino development around Asia, is building three casino/hotel properties in Macao.
The total cost of the Sentosa development is expected to exceed $2 billion, including $380 million for the 49-hectare site. It is expected to open in 2010 just months after Singapore's first casino complex at Marina Bay in the city center, which will be operated by Las Vegas Sands. The PBL-Melco joint venture pulled out of the bidding for the Marina Bay project in January, saying that given the project's high cost, expected returns were too low. Harrah's Entertainment, the world's biggest gaming group, and its partner Keppel Land, a state-owned property group, pulled out of the contest last week, saying it was too expensive.
Singapore last year dropped a ban on casinos in an effort to boost tourism and provide jobs in the service sector.
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