About Casinos in Singapore
Singapore is coming of age and the 40 year ban against casinos has finally been lifted. In fact, it has been lifted for about a year and Singapore is working hard to increase tourism. The reason why is so that tourism can bolster the economy and casinos are the easiest way to do so.
Las Vegas Sands will build casino resorts in Singapore at a price close to $3.2 billion. This company was chosen over several other prospective bidders because the proposed entertainment district looked like the best option for Singapore. Since winning the contract to build the casino and resort in Singapore Las Vegas Sands has promised to have the doors open and ready for the public by 2009.
Singapore began considering the idea of casinos and resorts back in 2004, but were worried about increasing crime that might come along with the development. Currently Singapore has a very low crime rate and they did not want that to change. Amazingly, 19 different bids were submitted for the large project although only four made it to the final stages.
Las Vegas Sands was chosen as the winner for a variety of reasons and its proposal certainly had a lot to do with it. The idea of a waterfall as well as a Moshe Safdie designed museum were two points that drew Singapore in. The proposal also included that almost 11,000 jobs would be created with the majority of them going to locals and that one percent of the Singapore economy would be made up of income from the resort.
The resort will be the world’s most expensive and will be constructed on 51 waterfront acres. A 30 year concession will be given to Las Vegas Sands to operate the new casino and resort and estimates believe that revenues could reach up to $3.4 billion per year. There are some benefits for Las Vegas Sands as well including no other casinos as competition for at least 10 years and a 15 percent tax on revenues.
Although the casino and resort will not be completed until 2009 there sure is a lot of talk and hype about it. Individuals worldwide are excited about the plans and gamblers worldwide are anxious to see what will be the result of the Las Vegas Sands project in Singapore. One thing is for sure and that is that the casino and resort will be absolutely fabulous. It would be hard not to be with a budget of more than $3 billion dollars!
Hopefully construction will stay on track and the opening date will really be in 2009 as Las Vegas Sands has promised. Until then the world can only sit back and wait with anticipation for the newest casino.