Three Casino Companies Drop Out of Singapore Bid
12 December 2005
The bid to build Singapore's first casino is still on, and yet another casino operator has dropped out of this lengthy and expensive process. Wynn Resorts Ltd (WYNN), which is controlled by Las Vegas casino operator Steve Wynn, is the third bidder, along with Australian casino operator Tabcorp Holdings Ltd, and Guocoland Ltd, a Singapore property developer, to withdraw from the bid this week. WYNN apparently failed to hand in corporate and personal history forms to the Singapore government by their due date this past Friday.
According to Tabcorp, the cost of building the casino proved to be too high and, therefore, they decided to withdraw from the bid. Guocoland Ltd withdrew once they had taken a closer look at government standards to build the casino. Singapore has decided to build two casino resorts after lifting a ban that restricted gambling. The cost of the casino resorts is estimated around US$5 billion.
Five casino companies have submitted the required forms and remain in the running to build the casino resorts. The winning bidder will be chosen according to the quality of the concept that is provided.
Source: Authorized Online Casinos News Staff
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