Peermont Steps Down From Singapore Casino Bid
17 November 2005
Peermont Global Ltd, a South African hotel and casino operator, has decided to withdraw from its bid to operate two casino resorts in Singapore. The reason for the withdrawal is that the company would prefer to focus on its casino resorts in South Africa and Botswana.
Peermont was set up against casino groups such as Harrah's Entertainment, Wynn Resorts and MGM Mirage. These three groups are amongst eight others that have already bought the necessary documents that are required in the initial stages of the bidding process. The Singapore Casino resort could cost the winning bidder up to $3 billion. This huge cost is one of the reasons that Peermont has decided to withdraw from the bid. Peermont also felt that chances to win were much lower than other companies.
The withdrawal from the Singapore casino bid has led Peermont shares, which have been publicly traded on the Johannesburg stock exchange (JSE) for the past 14 months, fell 2.16 percent to 8.61 rand ( $1.27). This drop has led to a slowdown on the JSE.
Source: Authorized Online Casinos News Staff
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