| Associated
Press January 17, 2006 SINGAPORE SINGAPORE'S second-largest property company said it has withdrawn from a joint bid with Las Vegas Sands Corp to build Singapore's first casino resort. The announcement late Monday, Jan 17, came one month after City Developments Ltd said it would become a 15 percent partner in Sands' bid, and leaves the US player without a local partner. In a statement, the Singaporean group said some requirements associated with the bid were raised after it announced its partnership. "Upon further clarification of these requirements, the company has, with Sands' agreement, decided to withdraw from participating in the bid," it said. "The company will, however, continue to provide counsel and advice to the non-gaming aspects of Sands' proposal, particularly in those areas relating to design, development and construction planning, as well as knowledge of the local market," City Developments said. Singapore legalized casino gambling in April and said it will offer two casino licenses in a bid to draw more tourists and shed its straight-laced image. The first casino will be at Marina Bay, in the new downtown, while the second will be on the resort island of Sentosa. Bids for the Marina Bay casino must be submitted by the end of March, with the winner likely to be announced by June. The Sentosa casino tender will be called around that time. Three other bidders competing for the Marina Bay site are a consortium comprising MGM Mirage and Southeast Asia's largest developer, CapitaLand Ltd, a tie-up between Harrah's Entertainment Inc and Keppel Land Ltd, and Singapore-listed Genting International and its affiliate Star Cruises Ltd. |
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