Singapore man seeks financing for LV resort

Monday, March 4, 2002 | 11:11 a.m.

A Singapore businessman has been trying to drum up cash in the Pacific Rim nation for a London-themed casino proposed for the south end of the Strip.

The Straits Times of Singapore reported that Joe Singh, managing director of Singapore company Goldwell Holdings, had been meeting with potential investors to discuss a hotel-casino project on land owned by New World LLC of Las Vegas. New World owns 77 acres of land on the Strip, across from Mandalay Bay.

The newspaper said Singh was offering 600-square-foot suites in the London casino for $300,000, and 1,000-square-foot penthouses for $1 million. Singh said the project would cost $750 million and be complete in 18 months, and was guaranteeing investors 10 percent annual returns, the newspaper said.

New World partner Howard Bulloch, however, said Singh's pitch was made on behalf of Singh's company, not New World.

"This is one of numerous groups looking at our multiple projects, and their proposal is just one that is being reviewed by us," Bulloch said. "We're waiting to see what they're able to do."

The company isn't estimating when construction might begin on the project.

"We are anxious to get our project started, and be in on this next wave of growth on the Strip," Bulloch said. The next new casino planned for the Strip is Steve Wynn's Le Reve, a $1.6 billion project that could open as early as 2004.

New World officials have said they want to build up to three interconnected hotel-casinos on the 77 acres, the first with a London theme. Bulloch said the company's plan is to use the land as its equity in a hotel-casino project, then find partners who can contribute cash. Until partners have been identified and signed, fundraising, design and construction won't begin.

The company says it is currently mulling expressions of interest from potential partners both in the United States and Asia.

"We do have entities looking to invest in our project," Bulloch said.

Partners in New World include Barry Fieldman and Bob Unger, developer of the Strip's Showcase Mall; Tom Gonzales, founder of e-commerce firm Commerce One; and real estate partners Bulloch and David Gaffen.