X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SINGAPORE-Eighth Wonder says it will build the world’s “most talked about resort” if it wins a casino license in Singapore. Bids close on the Oct. 10 and most of the world’s biggest casino-resort developers are expected to submit proposals.

“What we will be unveiling to the world is not just something that is going to be a local or a regional destination,” Eighth Wonder chairman Mark Advent says. “It is absolutely going to attract tourists all around the world…it will be in my prediction the most talked about resort destination in the history of the world.”

The privately held Las Vegas-based casino developer has already undertaken lengthy study missions to Sentosa island, where the project will be built, Advent says. Four other firms have also expressed interest in the Sentosa bid. Advent declined to unveil details of his company’s proposal but promised the gaming resort will have the “wow factor” if Eighth Wonder wins. He says details will be made known to the government on Oct. 10.

Bahamas-based Kerzner International, South African casino operator Sun International, US gaming giant Harrah’s Entertainment and Malaysia’s Genting International in April have also obtained the 700-page document outlining specifications for the Sentosa project. The winner of the Sentosa license is expected to be announced by the end of the year. Sentosa, a small island just south of Singapore, is already home to beaches, luxury residential development and an entertainment complex.

The tourism board says the Sentosa casino resort will occupy 49 hectares to provide about 343,000 sm (3.69 million sf) of gross floor area. It set the land price for the project at S$605 million (US$382 million), allowing bidders to focus on other aspects of the project instead of engaging in a price war for the location.

Last year, Singapore ended a ban on casino gambling in a bid to spruce up its staid image and attract more tourists. It then announced plans for two casino resorts. The city-state in May awarded Las Vegas Sands a license to build on the waterfront Marina Bay area. The casino is expected to open in 2009.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.