Wynn Seeks to Build in Singapore
Hoping to tap a potentially lucrative market and expand the company’s Asian presence, Wynn Resorts Ltd. said Tuesday that it intended to submit a proposal to build a casino in Singapore.
The Las Vegas-based company, led by casino developer Steve Wynn, is looking to construct the mega-resort at a marina, with the project costing $1 billion to $1.5 billion.
Wynn is set to open a $2.7-billion mega-resort on the Las Vegas Strip in April and another hotel-casino in the Chinese enclave of Macao by the end of 2006.
“Steve Wynn’s creativity and proven track record of developing destination resorts is the way for Singapore to define itself as a vibrant tourist destination for the future,” Wynn Resorts President Ronald Kramer said.
In late December, Singapore’s government invited local and international companies to outline their basic concepts for a casino, although it has yet to decide whether it will proceed with the venture.
The Singapore government said companies should submit project outlines by Feb. 28. If they prove compelling, a formal request for proposals will follow. The government could grant two casino licenses for the marina and another location on Sentosa Island.
Gambling giants MGM Mirage Inc., Harrah’s Entertainment Inc. and Las Vegas Sands Corp. also have expressed interest in developing a hotel-casino in Singapore.
Marc Falcone, a gambling analyst at Deutsche Bank, said Wynn would probably build the casino without a partner. He said Wynn could be the front-runner if the government moves forward with plans to establish a casino.
“Based on Wynn’s track record and outstanding design capabilities, we believe the company is a leading contender for a Singapore project,” Falcone wrote in an investor’s note Tuesday.
