New International Casino Complex

The small island country of Singapore last year reversed its decades-old ban on casino gambling, opening the arena for some of the world’s biggest international casino companies to make bids to gain the coveted casino contract.

Singapore will award licenses to develop an international casino at the site of its new downtown at Marina Bay and another casino on Sentosa, a popular resort island. The first international casino license open to bidding will be the Marina Bay site and the government has stated that the casino resorts must include a large part of attractions other than gaming.

Some of the world’s leading international casino operators, including Las Vegas Sands, MGM Mirage and Hurrah’s have put up a stiff competition for the license, with all groups making deals with shopping mall developers and high-end retail companies to develop the downtown area.

MGM Mirage is entering into an agreement with Cirque du Soleil, a Canadian-based international casino entertainment company, which is expected to develop a resident spectacular show for the planned international casino.

Cirque du Soleil already performs resident shows at MGM Mirage’s resorts in Las Vegas, as well as sell-out shows at other Las Vegas casinos. Terry Lanni, the Chairman and CEO of MGM Mirage is confident that patrons at the proposed Singapore international casino resort will enjoy similar entertainment to those of the patrons visiting Las Vegas casinos.

In competition, Harrah’s Entertainment, the world’s largest international casino company plans to build a futuristic high-tech theme park in cooperation with Hollywood director and Academy Award winner, James Cameron. The future project, called “iPort” will feature many attractions, including an international casino under Harrah’s “Caesar’s” brand name, as well as shops and restaurants.

Cameron will head the project as executive producer, with plans to create interactive rides based on hit Hollywood movies including The Terminator and Aliens in the planned 16-story, 1 million square foot international casino theme park. Cameron is reported to have said, “This is art, architecture, cutting-edge technology and entertainment … a total immersion experience”. If approved, the grand opening would be scheduled for some time in 2010 or 2011.

Many international casino companies have already dropped out of the running, including Tabcorp, and Australian company that said the stakes in the project has become too high. Another notable major casino operator, Wynn has opted not to bid for the Singapore deal, instead focusing on their project to open a casino resort in Macau. During an interview with Singapore’s The Business Times, Steve Wynn reportedly said that the Singapore officials were giving too much control and directions to the projects entered in the bidding process for the international casino.

Hurrah’s executives will appear on 6th April before officials of the Singapore tourism office who are expected to hand down a decision by May. Gary Loveman, the CEO of Hurrah’s said, “We believe this is the best opportunity for our company in Asia … Singapore is a spectacular market…”

The company that wins the international casino license will pay the Singapore government $700 million for the land as well as government a yearly fee of $12.5 million.