Casino Partners Terminate Singapore Plans
3 January 2006
The bid to build Singapore's first casino is still on. However, another two companies have dropped out of the running. Melco International Development Ltd., run by gaming giant Stanley Ho, and Australia's Publishing & Broadcasting Ltd. (PBL), headed by Australia's Packer family, have decided to withdraw from the bid. Both companies had formed a joint venture to build the casino. It has been reported that the companies believe that the possible returns of the casino did not justify the high costs of building it.
James Packer inherited the role of heading the Packer family empire after the death of his father, Kerry Packer, last week. The decision to forgo casino plans was James' first major decision since being appointed head of PBL.
PBL reportedly still plans to expand its casino business in Asia as part of a joint venture with Melco. The two companies are currently in the process of building the Crown Macau casino and the City of Dreams casino in Macau, an enclave that recently returned to Chinese rule. Melco and PBL were not the first two companies to withdraw from the Singapore casino bid. Other companies, such as Harrah's Entertainment Inc. and Singapore's Keppel Land Ltd., have also withdrawn from the bid. Remaining casino bidders must submit their applications by the end of March 2006; the Singapore casino is expected to begin operation by 2009 or 2010.
Source: Authorized Online Casinos News Staff
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