Sands won't seek new partner for casino bid

 
  Reuters
January 20, 2006
SINGAPORE


LAS Vegas Sands Corp, the world's biggest casino firm by market value which is bidding to build Singapore's first casino, on Friday, Jan 20, said it would not look for a local equity investor after its partner pulled out of the race this week.

Sands , famous for its luxury Venetian resort in Las Vegas, said its Singapore proposal remained strong despite the surprise withdrawal by City Developments, 11 weeks before the March 31 tender deadline.

"Our proposal has always been based on the strength of our company. We will draw from our experience and our international network," Sands' Executive Director for Communications Ron Reese told Reuters.

Sands is one of four consortia bidding to build a casino complex at an estimated cost of US$3 billion in Singapore's downtown Marina Bay with a 30-year concession.

Sands' two US rivals in the Singapore race have teamed with local government-linked developers. Harrah's Entertainment Inc is working with Keppel Land Ltd while MGM Mirage has joined with CapitaLand Ltd.

The fourth bidding group consists of Genting International and affiliate Star Cruises Ltd.

Some analysts have said that having a local partner may improve the chance of clinching the project, even though the government said it is not necessary to have a Singapore partner.

CityDev Chairman Kwek Leng Beng will still advise Sands on the design and construction of its proposal, Reese said.

CityDev said late on Monday it would withdraw from the bid for the first of Singapore's two casinos, just one month after saying it would take a 15 percent stake in the project.

Reese said Sands executives, including Chief Executive Officer Sheldon Adelson, said he found out about CityDev's withdrawal "pretty close" to the time everyone else did.

"We have the team in place and we will move forward with the proposal. This isn't a seismic shift from where we started in the process," Reese said.



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