Sands in Singapore to roll dice on April 27
By Kevin Lim |
February 25, 2010, Thursday
|
Print Edition
Print Edition
LAS Vegas Sands will open the first phase of its Singapore casino on April 27, earlier than expected, bringing into play a project CEO Sheldon Adelson says will generate US$1 billion in annual profits.
The US$5.5 billion Marina Bay Sands casino will start operating along with 963 hotel rooms, part of the shopping mall and convention center, and several dining outlets, Las Vegas Sands said in a statement yesterday.
The opening of the Marina Bay casino follows on the heels of the opening of Singapore's first casino, rival Genting Singapore's Resorts World at Sentosa, on February 14.
"Given Marina Bay Sands' centralised location and possibly a higher quality product offering, Resorts World will likely see challenges in attracting casino patronage," said Deutsche Bank analyst Aun-Ling Chia in a note.
"Resorts World needs to ramp up fast to fully leverage on the first-mover advantage," Chia said.
The Marina Bay Sands occupies a waterfront site at the edge of Singapore's central business district, and was the more fiercely contested licence when Singapore gave the green light to casinos in 2005 to attract more tourists.
News of the Singapore opening date comes amid pressure on the share prices of Las Vegas casino operators due to falling room rates and on worries about MGM Mirage's newly opened US$8.5 billion, 6,000-room CityCenter project.
Las Vegas Sands, run by Adelson, is the world's second-most valuable casino firm after its Hong Kong-listed unit Sands China, which owns and operates casinos in Macau.
Adelson has said he expects the Singapore casino to generate operating profit of US$1 billion annually.
The US$5.5 billion Marina Bay Sands casino will start operating along with 963 hotel rooms, part of the shopping mall and convention center, and several dining outlets, Las Vegas Sands said in a statement yesterday.
The opening of the Marina Bay casino follows on the heels of the opening of Singapore's first casino, rival Genting Singapore's Resorts World at Sentosa, on February 14.
"Given Marina Bay Sands' centralised location and possibly a higher quality product offering, Resorts World will likely see challenges in attracting casino patronage," said Deutsche Bank analyst Aun-Ling Chia in a note.
"Resorts World needs to ramp up fast to fully leverage on the first-mover advantage," Chia said.
The Marina Bay Sands occupies a waterfront site at the edge of Singapore's central business district, and was the more fiercely contested licence when Singapore gave the green light to casinos in 2005 to attract more tourists.
News of the Singapore opening date comes amid pressure on the share prices of Las Vegas casino operators due to falling room rates and on worries about MGM Mirage's newly opened US$8.5 billion, 6,000-room CityCenter project.
Las Vegas Sands, run by Adelson, is the world's second-most valuable casino firm after its Hong Kong-listed unit Sands China, which owns and operates casinos in Macau.
Adelson has said he expects the Singapore casino to generate operating profit of US$1 billion annually.
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