MGM Mirage set to submit joint proposal for Singapore casino

By Liz Benston (contact)

Thursday, Jan. 20, 2005 | 11:04 a.m.

MGM Mirage said it will submit a proposal for a casino resort in Singapore with Southeast Asian developer CapitaLand.

MGM Mirage said the proposal, expected to be submitted to the Singaporean government by the end of February, would envision a entertainment resort complex at Marina Bayfront in Singapore.

Marina Bayfront is located on the south bay of the Singapore city-state, adjacent to the central financial district.

In a bid to compete with the lucrative gambling market in Macau and other regions considering gambling in Southeast Asia, Singapore is considering its first casino as part of a resort complex that could include hotels, a convention center, retail, dining, entertainment and themed attractions.

The government has invited investors to submit development concepts by the end of February. Officials say they will request formal proposals from the companies if the concepts are compelling enough.

Several casino developers including Las Vegas Sands Corp., Macau casino boss Stanley Ho and Harrah's Entertainment Inc. have expressed interest in Singapore.

Singapore-based CapitaLand is a worldwide developer of retail, office and residential real estate. The publicly traded company also owns the Raffles hotel chain.

In a separate statement, CapitaLand said it would also be partnering with Bahamas-based casino resort developer Kerzer International Ltd. to submit a proposal for a resort on Sentosa Island south of Singapore.

The government has identified Sentosa and Marina Bayfront as premier sites for casino resort development, though investors may propose additional sites.

The joint proposal with MGM Mirage would involve the Marina Bayfront region only, CapitaLand said.

"Each site can be designed to create a unique world class iconic destination to transform the Singapore travel and tourism landscape," CapitaLand said in a statement.

Kerzner has experience developing resorts along shorelines in exotic tourist locales such as Mexico and the Caribbean, while MGM Mirage is known for the development of "urban complexes for the convention and business traveler, combining hotels, entertainment and fine dining," CapitaLand said.

"We are seeking to expand our international interest in the world's most promising resort venues and hope to take advantage of our international marketing skills and worldwide recognition as leaders in the entertainment industry," MGM Mirage Chairman and Chief Executive Terry Lanni said in a statement. The Marina project "will make Singapore an even more attractive place to live, work and do business."

CapitaLand owns and manages a real estate portfolio in 88 cities across 29 countries.