The second Singapore casino gets the green light
Today the Singapore
government gave the go-ahead to the second casino in the
country.
The new casino, Resorts World Sentosa, is a $3.4
billion project and will be build on the Sentosa Island in
Singapore. The company building the casino is Genting
International, which had a little brush with the local
government when ties were discovered between them and the casino
tycoon Stanley Ho in a Macau project. Gentling Intl. later
withdrew from a partnership with Ho.
The casino will be build
on 121 acres and is set to finish in 2010. According to
government officials, there are no more issues, and the building
of the casino can start.
The Singapore gambling
market is relatively undeveloped, as its ban on casinos was just
lifted in 2005, with the hope of attracting tourism to the
region. The project is expected to go over the budget, as in
January this year Indonesia placed a ban on exporting key
building materials to Singapore, which would force Gentling
International to use suppliers further from the island.
Executives, however, claim that this would be manageable, and
would not raise the price tag of the new casino.
04/16/2007
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