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Old July 15th, 2006, 05:05 PM   #81
RafflesCity
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Quote:
Originally Posted by flygon
Those skyscrapers almost have the same heght. Something iconic is needed.
The planning intention is to develop the waterfront sites first as seen in the rendering above.

Taller skyscrapers will go behind the first layer and I think that would be visually more dramatic and harmonious:

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Old July 15th, 2006, 05:22 PM   #82
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really looking forward 2 it .... cant wait till it's raising v^_^v
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Old July 17th, 2006, 11:25 AM   #83
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July 17, 2006
Taubman still keen on S'pore despite IR mall failure
US retail developerseeking projects where it can build shopping centres

By Kelvin Han

UNITED States retail developer Taubman Centers is still eyeing opportunities to break into Singapore's retail landscape, despite its disappointment at failing to secure a planned mall at the Marina Bay integrated resort (IR).

Mr Morgan Parker, president of the company's unit Taubman Asia, told The Straits Times last week that the company is looking for development projects where it can build shopping centres.

Opportunities exist here for retail developers as there is demand for well-conceived malls, he said in the interview.

'We were disappointed to miss out on the Marina IR opportunity, because Singapore is a developer's dream, with sophisticated retailers and consumers but with a limited supply of good-quality retail space,' he said.

Founded in 1950 and listed as a real estate investment trust on the New York Stock Exchange, Taubman has a network of malls across the US.

It had plans to set up its maiden project here with a lavish mall in the IR planned by Keppel Land and Harrah's Entertainment.

But the Keppel-Harrah's consortium failed to secure the site, which went to Las Vegas Sands.

Nevertheless, Taubman remains on the lookout for attractive opportunities that are 'profitable and sustainable', he said.

It prefers to enter the Singapore market by building its own malls, rather than by acquiring an existing retail development, he added.

He said that this was because Taubman stands to make higher returns by building a mall from the ground up as 'owners of successful malls, even if they were willing to sell, will ask for a premium'.

When asked if Taubman is interested in trying for the other IR, at Sentosa, Mr Parker said that even though Keppel Land and Harrah's may be considering a bid, Taubman is not likely to be involved.

Given Sentosa's proximity to the VivoCity retail complex, which meets much of the area's retail needs, the IR may feature only a small retail development, he said.

As Taubman hunts for opportunities in Singapore, it is already spreading its wings to the rest of the region.

Its first project in Asia, a year after entering the region, is a large-scale development in South Korea. It is developing the retail portion of the US$20 billion (S$31.9 billion) New Songdo City project in Incheon that is set to be completed in 2009.

It is also actively participating in another project in the Greater Tokyo region in Japan, Mr Parker said.

The company will also be leveraging on its casino retail expertise, after its successful partnerships with MGM and Caesars in Las Vegas and Atlantic City, respectively, to seek an opportunity to play a role in an IR project in Macau.

With the vast potential in this region, especially in India, China, Macau, Japan and South Korea, Taubman is likely to be completing around a dozen projects in these places in the next 10 years, he said.

[email protected]

Copyright © 2006 Singapore Press Holdings. All rights reserved.
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Old July 21st, 2006, 02:21 PM   #84
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Quote:
Originally Posted by RafflesCity
The planning intention is to develop the waterfront sites first as seen in the rendering above.

Taller skyscrapers will go behind the first layer and I think that would be visually more dramatic and harmonious:

Hmm, this would be nice when it's all done.
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Old July 21st, 2006, 03:12 PM   #85
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Wow! So that's what that huge piece of land along East Coast Pkwy is for! I hope they line the bay with restaurants and amusement areas...much like a bigger and better version of Clark Quay...LOL
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Old July 22nd, 2006, 12:58 AM   #86
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I like this project very much! Really impressive! Go Singapore!
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Old July 25th, 2006, 01:59 PM   #87
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Business Times - 25 Jul 2006

Investors will queue up to finance IR: banker

By ARTHUR SIM

US CAPITAL markets are very bullish on gaming stock. It seems all a casino operator needs to do is say the word and money comes flooding in.

UBS managing director (head of US gaming and leisure) James Stewart said that in March it helped MGM Grand raise US$750 million in just one day.

In 2000, when MGM was looking to raise US$850 million - a deal he also worked on - it took a gruelling two-and-a-half weeks of road shows and investor meetings.

The market cap for the largest US gaming company went from US$730.7 million in 1989 to US$25.4 billion today, he said.

Looking back, Mr Stewart also notes with some irony that in the 1960s and 1970s, there were very few banks that would lend money to the gaming industry.

'There is a flood of capital today. The question is just what rates you want to give . . . and rates have never been better.'

At the moment, Mr Stewart said that these rates are about 6 per cent, regardless of whether the gaming stock is of investment grade or not.

In the US, only Harrahs Entertainment's stock is of investment grade.

Mr Stewart was in Singapore to speak at the 11th Annual Asian Casinos Executive Summit. Speaking to BT, he said there would be no lack of interest from institutional investors for Las Vegas Sands' upcoming Marina Bay Sands, stopping short of saying if UBS has had any discussions with the integrated resort operator.

Much of Mr Stewart's enthusiasm comes from the success of Macau, and the many new developments there. On a recent trip there, he was amazed to see people lining up to gamble at the casino tables.

As such, competition with Singapore is inevitable although Mr Stewart adds: 'When you look at the amount of supply versus the population (in Asia), this region has an immense way to go before competition starts to have an adverse effect.'

Mr Stewart also argues that competition is good. 'The value of the enterprise in Macau is larger now than when there was only a sole licensee.'

Similarly in Las Vegas, he points out that it was the Mirage Hotel built by Steve Wynn at a cost of US$630 million in 1989 (a very large amount at the time) that resuscitated life on The Strip there. 'When you have a situation with less critical mass, you can't create enough buzz,' he added.

It becomes clear Mr Stewart does not see Asia's gaming industry starting in Macau and ending in Singapore. 'I would be surprised if other governments are not looking at Singapore now.'

Existing data shows that Korea's gaming industry is worth US$1.5 billion. Philippines' is worth US$750 million while even Cambodia has a gaming industry worth around US$600-700 million. Thailand and Taiwan are also said to be climbing on the bandwagon.

'Will other countries follow Singapore's lead and set up smaller casinos faster? It is hard to predict,' he said.

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.
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Old August 1st, 2006, 10:32 AM   #88
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I love the whole Logan's run feel of this whole project. I can't wait to go to "Carousel"!
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Old August 4th, 2006, 12:53 AM   #89
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This story was printed from TODAYonline

The Sands of time run well ahead

Construction starts next year but the IR is already busy with pre-sales

Friday • August 4, 2006

Val Chua
Deputy News Editor
[email protected]

The Marina Bay Sands will start construction early next year, and activities have been ramped up to pre-sell convention and retail space, said the casino operator's president yesterday.

"Our construction and development teams have been on the ground in Singapore and have significantly advanced our pre-construction activities. We expect to break ground on The Marina Bay Sands in early 2007," said Mr William Weidner, also Las Vegas Sands' chief operating officer, in announcing the company's second-quarter results in Las Vegas.

He said The Marina Bay Sands — from its office in Republic Plaza — has begun pre-marketing activities to fill its 1.2 million sq ft of convention space and pre-leasing activities to fill its mall here.

Sands beat three rivals to win the Marina Bay site in May, promising a conventions-based proposal that includes 2,500 hotel rooms, 1 million sq ft of retail space, three large entertainment venues and a casino.

The $5.05-billion integrated resort — expected to hire a staff of 10,400 when it opens — will be launched in 2009.

In delivering its second-quarter results, the casino player reported a 27-per-cent surge in net profit to US$109.3 million ($172.6 million), boosted by a record performance at its Macau operations.

Group revenue gained 30 per cent to US$517 million.

Its Asian performance — where Sands is expanding in Macau — eclipsed that of its flagship The Venetian in Las Vegas.

While The Sands Macao saw a gain in profit of 44 per cent and will expand its gaming capacity by more than one-third next month, profit for The Venetian fell 10 per cent due to lower gaming revenue and higher personnel costs.

"We are continuing to make progress in Macau at all levels. We are particularly pleased with the continued strength of our mass-market business," said Mr Weidner.

Its Macau operation has delivered a record win per table per day, despite significant table capacity increases for both The Sands and the Macau market overall, he said, adding that VIP business also more than doubled.

In all, it is building or plans to build on seven sites on Macau's Cotai Strip, spending more than US$8 billion in Macau and a neighbouring Chinese island over the next four to six years.

Sands is planning to develop another casino on China's Hengqin Island and is also in discussions with Japanese officials to build the nation's first casinos, should Japan lift its ban.

Copyright MediaCorp Press Ltd. All rights reserved.
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Old August 4th, 2006, 08:31 AM   #90
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am I the only who thinks this thing is kinda...eeeewww.
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Old August 4th, 2006, 09:20 AM   #91
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Quote:
Originally Posted by babystan03
This story was printed from TODAYonline

The Sands of time run well ahead

Construction starts next year but the IR is already busy with pre-sales

Friday • August 4, 2006

......

Sands is planning to develop another casino on China's Hengqin Island and is also in discussions with Japanese officials to build the nation's first casinos, should Japan lift its ban.

Copyright MediaCorp Press Ltd. All rights reserved.
I believe the Venetian development on Hengqin Island, Zhuhai of China should be resort facilities; Central Gov't of Mainland China will definitely disapprove any gambling business inside Mainland.
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Old August 6th, 2006, 01:15 PM   #92
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Business Times - 05 Aug 2006

Restaurants fear cost push from IRs

Staff poaching, wage rise, competition for customers among worries about integrated resorts

By MATTHEW PHAN

(SINGAPORE) Private restaurant groups are worried about the Marina Bay and Sentosa integrated resorts (IRs) driving up staff costs and competing for customers, despite the hype surrounding the economic benefits the casinos are expected to bring.

Owners have told BT the IRs will increase demand for staff, leading to higher operating costs for existing businesses, and higher prices for customers.

Envisioning a rather fearful scenario, Tung Lok Group's Andrew Tjioe said: 'With the high employment demand and more generous remuneration packages from both IRs, there will be a major movement of staff and eventual hollowing-out of the mainland if not kept in check.

'In their bid to retain staff, the various sectors will need to adjust their remuneration terms, which in turn increases their operating expenses and consumers will have to bear higher prices.'

Roberto Galetti, general manager and executive chef at the Garibaldi Group of restaurants, said: 'A serious worry is staff - we struggle to retain our well-trained staff as there is a shortage of available talent in the market. With these big tourist attractions, the numbers of staff they will need to recruit is enormous.

'The Ministry of Manpower has mentioned an increase in foreign workers allowed, but it leaves us with a difficult task: Where and how do we even find this talent? Will we have to make expensive trips abroad? Interviews? And housing? Salaries will have to be reviewed and if you are not big enough, hurdles like these could make you fall.'

But Devin Kimble, founder of Brewerkz, Cafe Iguana and Wine Garage at Clarke Quay, said hawker centres will be the most affected.

Once the IRs are up and running, this will raise wages across the board, which will draw younger folk away from hawker stalls, where they have to put in long hours to succeed. And older hawkers may prefer to work for companies that provide benefits.

The net result will be to free up labour for higher-end restaurants overall, Mr Kimble believes.

Rising costs are also due on the Singapore F&B scene, he said. 'Our consumers are getting a great deal. I'm currently in Chicago and I know that food of the quality I'm serving in my restaurants is reaping much higher revenue here in the States.'

Other restaurateurs worry about losing customers. Recalling Melbourne's experience when the Crown Casino opened there in 1992, Michael Ma, founder of the IndoChine Group, claimed: 'Restaurants within a 20 to 25 minutes drive were all affected in the first 18 months. Anything outside was too far to travel, so people stayed at local bars and restaurants,' he said.

'If the IRs compete on a fair basis, then they will be good for the industry. But if they subsidise and give away freebies like free tickets, hotel space or sending private jets to pick customers up, then it could be very difficult. As they run on a different revenue model - - their income stream is not F&B whereas ours is - this might be quite likely.'

But Mr Kimble dismisses such concerns. 'I foresee a situation like the construction of the Hong Kong airport where a large number of foreigners came to work on the project and buoyed the entire F&B industry there,' he said.

He also said Melbourne continues to have a thriving F&B culture, with famous restaurants operating successfully before and after Crown Casino was built, and that Las Vegas is also full of operators who are not attached to the gaming sector.

'The argument about casino operators using gambling revenues to subsidise F&B is not particularly strong,' he said.

'They have no reason to charge prices that don't offer an economic return. Where Las Vegas casinos have used cut-rate prices to attract people for gaming, this model won't work in Singapore because the locals have to pay a 'licence' to play. And the IRs aren't targeted at customers who come to eat half-priced chilli crab.'

Operators agree that the IRs will raise professional standards, but each feels their business is competitive enough to survive.

'Day-to-day business will drop, but one of our revenue sources is hosting corporate events,' IndoChine's Mr Ma said.

'Companies that want to demonstrate corporate social responsibility could have ethics about gambling and may not use casinos for such events, so we effectively have a different clientele.'

Similarly, Emerald Hill Group's marketing communications manager Francesca Liam said: 'There will be a greater variety of entertainment available, but each of our outlets has a different character. For example, Coastes, our outlet on Sentosa, draws people who want to enjoy the beach and the casinos won't affect us.'

According to the Marina Bay Sands IR fact sheet, Las Vegas Sands plans new restaurants featuring international celebrity chefs, as well as 117,100 square metres of new shops. In comparison, Suntec City Mall has 77,361 sq m of lettable retail space, while the Marina Square shopping mall has 65,055 sq m.

'As a committed long term partner for Singapore's business community, we aim to complement the existing landscape and contribute to increasing the total pie and benefit the retail and F&B industry overall,' Marina Bay Sands added.

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.
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Old August 12th, 2006, 03:08 PM   #93
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Old August 12th, 2006, 03:23 PM   #94
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It looks so futuristic.
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Old August 12th, 2006, 03:27 PM   #95
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Holy damn!
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Old August 23rd, 2006, 02:31 PM   #96
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Business Times - 23 Aug 2006

Sands signs pact to build US$3.2b S'pore IR

SINGAPORE - US gaming operator Las Vegas Sands signed an agreement with the Singapore government on Wednesday to build a US$3.2 billion integrated resort (IR), the first in the city-state, three months after winning the bid. The signing of the 'development agreement' with the Singapore Tourism Board (STB) marked the formal turnover of the site on downtown Marina Bay so that construction work can start.

Marina Bay Sands, as the IR project is called, will open in 2009 and will feature a casino and other facilities like hotels, retail shops and restaurants. There will also be a 1.08 million-sq ft space for meetings, incentive travel, conventions and exhibitions (Mice) to accommodate up to 52,000 people, making it one of the largest such facilities in Asia. Sands has also said it will build an 'ArtScience Museum' and a rooftop 'sky park' about 50 storeys high.

Las Vegas Sands in May beat US rivals MGM Mirage and Harrah's Entertainment and Malaysia's Genting International for the right to build the project with its overall proposal aimed at strengthening Singapore's position as a top meeting and conventions destination. The US gaming giant plans to spend more than $5 billion (US$3.2 billion) for the project, one of the biggest investments in the world for a single casino project.

'The development of the Marina Bay Sands is an important project for the STB, as well as for Singapore's tourism industry and economy,' said Tourism Board Chief Executive Lim Neo Chian. He said that by 2015, the casino resort is projected to contribute US$2.7 billion annually to the national gross domestic product and create 30,000 jobs. Singapore aims to double tourist arrivals to 17 million by 2015, and the IR project is a key magnet.

Las Vegas Sands said it has already begun pre-construction work and also started pre-marketing activities to ensure a steady pipeline of Mice activities once the resort opens. 'The Marina Bay Sands is on track and on target to be launched in 2009 as planned,' said William Weidner, Las Vegas Sands President and Chief Operating Officer. -- AFP

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.
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Old August 24th, 2006, 02:56 PM   #97
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Business Times - 24 Aug 2006

Sands quick to line up MICE deals for S'pore IR

By ARTHUR SIM

(SINGAPORE) With three years to go before Las Vegas Sands opens its planned integrated resort at Marina Bay, the company's chairman and chief executive yesterday said that it was already lining up 20 or more MICE (meetings, incentives, conventions and exhibitions) events, including one which could bring in 16,000 delegates.

The huge extra capacity at the new resort could mean exhibitions already being planned for other Singapore venues being poached, a suggestion which Sands chief, Sheldon Adelson, countered with the statement: 'Competition is a good thing.'

Mr Adelson was in Singapore yesterday for the Signing of Development Agreement ceremony for the Marina Bay Sands. It also involved the paying of $1.3 billion for the development site.

The Marina Bay Sands will have 110,390 sq m of gross floor area dedicated to MICE, which will almost double Singapore's available convention space.

Eric Bello, vice-president of sales at Sands, who was also at the ceremony, said that it was looking at specific sectors for business including pharmaceuticals, IT, automotive and finance industries.

He also said that it had been in discussions with event organisers like Singapore Exhibition Services (SES) and Terrapin. He did qualify his remarks by saying that 'not every event will be a CommunicAsia'.

The SES-organised show is currently one of Singapore's largest MICE events.

'There will be a series of corporate meetings that will fill the space mid-week,' he added, highlighting that Marina Bay Sands will have 200 meeting rooms.

Dog-eat-dog competition in the exhibitions trade means that margins are often stripped to the bone. Mr Adelson said that in his time as an organiser for computer fair Comdex, the cost of the convention centre facility was only 2.5 per cent of his total income.

Sands was the first foreign operator to be licensed to build a casino in Macau, where the company has already lined up 26 MICE events, even though there has been market talk that Sands has been offering free convention space to attract events.

'They don't know what they are talking about,' Mr Adelson said - although he did state that it will be cheaper to hold an event in Macau than across the bay in Hong Kong.

'What really counts is not the price but the ability to attract people to that venue,' he added.

The Sands team has meanwhile begun talking to members of the local construction industry about building the resort, which is intended to open in 2009.

John Downs, senior project manager from Sands's Venetian Macau, who will oversee the construction of the Marina Bay Sands, said that it was in the process of evaluating four Singapore construction firms for various parcels of the site, but is at the same time looking at international firms as well.

Mr Downs added that soil testing will proceed next week and that foundation works or 'ground breaking' should start later this year.

A role for Sands's one-time partner in the Marina Bay IR bid, City Developments Ltd (CDL) now seems less likely.

Sands COO William Weidner warmly thanked CDL chairman Kwek Leng Beng for his help in the run-up to the winning bid. Mr Kwek was present at the ceremony but left as soon as it was over.

Later, Mr Adelson said that Mr Kwek's involvement 'will not be profit motivated, it will be civically motivated'.

He added: '(Mr Kwek) has become a good friend. As a Singaporean, he wants to see the project succeed to the extent that if he and his organisation can help, he will do it.'

One area in which Mr Kwek will not be able to help is in lining up an apartment for Mr Adelson and his wife Miriam at CDL's The Sail @ Marina Bay development.

Mr Adelson said: 'My wife has been looking for a home but we have been told all units at The Sail are sold, so we'll have to look to the resale market.'

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.
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Old October 23rd, 2006, 01:17 PM   #98
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Business Times - 23 Oct 2006

Singapore open to the possibility of more IRs

It's 'inevitable' for Asia to tap gaming for revenue: MM

By DANIEL BUENAS
IN LAS VEGAS

SINGAPORE has not ruled out the possibility of allowing more integrated resorts (IRs) in the long term, and the government intends to 'wait and see' in the next five years before considering the option, Minister Mentor Lee Kuan Yew said yesterday.

There is also an 'inevitable progression' for countries in the region to tap into gaming as a source of revenue, and the IRs could play a 'substantial role' in increasing the country's business travel and meetings, incentives, conventions and exhibitions (MICE) business, he added.

Mr Lee - who was speaking to Singapore journalists in Las Vegas as part of the final leg of his two-week long trip to the US - said the government would reconsider the option of allowing more IRs at a future date. 'I think the present plan is to see how they work out over the next five years and then decide,' he said. 'If there is this surge of MICE, travel and entertainment, and gambling in the casinos, then there will be suggestions from many other operators who didn't get in on the two bids to open further bids. But we'll see. Let's wait and see.'

Under the rules and conditions set out by the government for the IRs, operators of the two casinos will have a 30-year casino concession period, with a 10-year exclusivity period for their casino licences.

According to Mr Lee, the move to allow IRs was a 'bet on the future', and he had not expected the bidders for the two resorts to make such large bets on Singapore - bids for both Sentosa and Marina have topped $5 billion.

Mr Lee, who is on his first visit to Las Vegas, noted that Singapore was very different from Las Vegas, adding that he doesn't see gaming hub Macau as a threat to Singapore.

'I have not seen a drop in visitorship to Las Vegas because of Macau, and I think that those who are making their bets on Singapore believe that, after a while, people who go to Macau will get a bit bored with Macau,' Mr Lee said. 'After all, if you've not seen Singapore and you've seen Macau so many times, why not Singapore, especially if the hotels are cheap but super luxurious, and (offer) fine service and a different environment.'

Other countries in Asia too, Mr Lee believes, will eventually tap into gaming as a source of revenue.

'I see this as an inevitable progression throughout most of Asia,' he said.

'Nobody is going to be deprived of this source of revenue, except where they have profound religious, or other inhibitions against it.' During his visit to Las Vegas, Mr Lee met with senior casino executives, including Sheldon Adelson, chairman of Las Vegas Sands which won the Marina Bay IR bid with its US$3.6 billion proposal.

In his discussions with Mr Adelson, Mr Lee said that it was revealed that Mr Adelson expects the vast majority of visitors to the Marina Bay IR to be non-domestic, unlike in his Las Vegas development where some 90 per cent of visitors are American.

'He believes there is a large, already existing demand, that will fill up his convention halls and the entertainment he has to offer,' Mr Lee said. 'If he succeeds in his estimation of the clientele, then I think the IR will play a substantial role in increasing our business travel and MICE (business).'

Besides touring the Sands' flagship property in Las Vegas - The Venetian - Mr Lee also met with casino mogul Steve Wynn. He was also hosted to a tour of the New York New York casino by Mark Advent, chairman of Eighth Wonder.

On the Sentosa bid, Mr Lee said: 'It's their bet, what they think will bring returns, and we have to judge which of the bets are most likely to come off.'

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.
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Old November 19th, 2006, 04:08 PM   #99
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Marina Bay Sands, works commenced!


Shot by RafflesCity from Temasek Tower:

Quote:
Originally Posted by RafflesCity View Post
18 November 2006

a look at the site. Work activity will intensify soon.

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Old November 19th, 2006, 04:24 PM   #100
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wow pile testing already in progress good good ....
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