Vegas Sands Inks 3.2 Billion Dollar Deal
August 31st, 2006
Las Vegas Sands Casino signed an agreement with the Singapore government to build a US$3.2 billion casino, the first in the city-state.
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 now begin.
Marina Bay Sands is the name of the project and will open in 2009. It will feature a casino and other high-end facilities such as hotels, convention areas, retail shops and restaurants.
Las Vegas Sands in May beat US rivals MGM Mirage and Harrah’s Entertainment for the right to build the casino with its overall proposal aimed at strengthening Singapore’s position as a top meeting and conventions destination worldwide.
The US gaming giant, which already has an Asian presence in the southern Chinese enclave of Macau, plans to spend more than S$5 billion (US$3.2 billion) on the enterprise, one of the biggest investments in the world for a single casino project.
We love the way the Sands works and looking forward to their offering in Singapore.