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Harrah's, Keppel Land will not submit bid for Singapore casino

Harrah's, Keppel Land will not submit bid for Singapore casino

Harrah's Entertainment Corp., the world's largest casino operator, and Singapore's Keppel Land announced Friday that they would not be submitting their joint bid for the nation's second casino resort despite three months of planning a proposal.
"Regrettably, we determined it would not be possible to deliver a development on the scale we envisioned for Sentosa Island while meeting our objectives for this project," the two companies said in a statement.
Bids for the Sentosa Island integrated resort are due Tuesday.
Harrah's said Thursday it was re-evaluating its joint bid with Keppel after receiving a US$15 billion (euro11.79 billion) buyout offer from two private equity firms. The buyout offer from Apollo Management and Texas Pacific Group, which it announced Monday, may have changed the equation, Harrah's said.
"Harrah's remains interested in future Asian development opportunities," the statement said.
Three other teams have applied for Singapore's second casino license: Las Vegas casino resort developer Eighth Wonder Asia; a joint venture between Malaysia's Genting International PLC and Star Cruises Ltd., with Universal Studios as a non-equity partner; and a joint venture between Kerzner International Ltd. and Singapore's CapitaLand Ltd.
Singapore last year legalized casino gaming and said it would allow two casino resorts to be built. The first was awarded in May to Las Vegas Sands Corp. in a bid that Harrah's also competed for. The $3.6 billion casino resort is expected to be operating by July 2009.


Updated : 2021-05-12 16:13 GMT+08:00