| Las Vegas Sands has hit the jackpot by winning the bid to build Singapore's first integrated resort.
It has staved off fierce competition for the Marina Bay project from 3 other bidders - Genting International and Star Cruises, Harrah's Entertainment and Keppel Land, and MGM Mirage along with CapitaLand.
The award of the project follows an in-depth 2-stage bidding process starting from December 2004 which attracted 19 bids from consortiums in Australia, South Africa and the US.
The integrated resort will be a centrepiece in the Marina Bay landscape, come 2010.
Las Vegas Sands has budgeted nearly S$6 billion for the project, the largest amount among the four bidders.
Sands, which owns The Venetian on The Strip and Sands Macau, is set to go big on conventions for its Marina project, setting aside enough convention space to host up to 54,000 delegates.
Its offer will also include celebrity chefs, fine-dining experience and Broadway producer Clear Channel Entertainment.
The operator has also pledged to provide over 10,000 jobs at the Singapore resort with 75% of them going to the locals.
Sands has the support from City Developments although the local property developer is not taking an equity stake in the project. - CNA/ir
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