Singapore yesterday awarded its second casino resort contract to Genting International, whose S$5.2 billion (US$3.38 billion) proposal promises to lure thousands of visitors with a Universal Studios theme park and a huge outdoor marine park.
"The successful proposal for the integrated resort on Sentosa is Genting International and Star Cruises," Singaporean Deputy Prime Minister S. Jayakumar told reporters.
Genting, partnered with Star Cruises, was the analysts' choice over its two competitors to build and operate the integrated resort, which is scheduled to open in 2010 on on a 49-hectare plot on Sentosa Island.
Genting provided "the most compelling proposal overall that best meets our economic and tourism objectives," Jayakumar said.
Analysts said Genting's plan to build a Universal Studios theme park made it the favorite to clinch the bid, which was judged largely on its tourism appeal.
Singapore last year reversed its decades-old ban on casino gambling in an ambitious attempt to double visitor arrivals to 17 million by 2015. The first contract was awarded in May to Las Vegas Sands Corp, which plans to open a casino resort by July 2009.
For the second casino, the government evaluated the proposals based on tourism appeal, architectural design, level of investment and strength of the bidding consortium and partners.
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