Word: macau
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Dates: during 2010-2019
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...Even by the opulent standards of the gaming world, analysts say these are giant sums. "The Singapore casinos are by far the most expensive ones in the region," says Gabriel Chan, head of Asian gaming research for Credit Suisse, who points out that an average casino in Macau costs roughly half as much. The Venetian in Las Vegas, completed by Adelson more than a decade ago, cost roughly $1.5 billion - less than a third of his current Singapore project...
...Keen to repeat the success of Macau, which over the last decade has transformed itself from a sleepy gambling backwater into an entertainment destination, the Singapore government awarded the bids to build the two casino resorts to Las Vegas Sands and Genting in 2006. The hefty $10-billion price tag for the two developments underscore the vast ambitions of Singapore's leaders seeking to similarly transform the island's image from that of a staid, buttoned-up society into a fun, adventurous city. And while that may be fine for foreign tourists, analysts say the high fee to be imposed...
...Genting, operator of Resorts World Sentosa, recouping its $4.5 billion investment won't be easy. Even though it will be one of two exclusive casino operators, unlike Macau or Las Vegas, where there is fierce competition within a much larger pool, analysts and investors have set their initial expectations for Sentosa's gaming revenues "far too high," says Citigroup analyst Dominic Noel-Johnson. To meet Citigroup's relatively conservative 2011 gaming revenue estimate of $1.2 billion for Resorts World Sentosa - more than a third less than the consensus of other brokerage houses - every single foreign tourist expected to come...
...Gambling. The council, which will provide the casinos a list of those who are barred, has already excluded 29,000 people. Drawing on past government surveys, it estimates the size of probable "pathological" gamblers at about 1.1% to 2.2% of Singapore's adult population, similar to those found in Macau and Hong Kong. (Watch a video about gambling in Macau...
...casino operators to depend more on foreign "high-rollers" to turn a profit. That strategy has its risks, analysts say. Noel-Johnson, for instance, points out that 72% of visitors to Genting's resort in the Malaysian highlands are local "day-trippers," and more than half the visitors to Macau's casinos are gamblers from Hong Kong and Guangdong province who bet with limited cash. "If you look at the successful gaming markets in Asia, they have a dependable local mass market," he says. "If you are inhibiting Singaporeans from visiting the casinos, you are handicapping yourself...