Word: casino
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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...
...unusually high $70 daily casino entrance fee, or $1400 for an annual pass, being imposed on local visitors will be one of the casinos biggest obstacles. "The entry levy is meant to signal that gambling is an expense, not a means to make a living," explains Lim Hock San, Chairman of the National Council on Problem Gambling. "It discourages impulse gambling." Though betting on horse races is allowed in Singapore, the government strictly controls other forms of gambling, one of the reasons it plans to allow only two casinos to operate on the small island. The families of gambling addicts...
...There are hurdles. Although the state of Pohnpei is spearheading the effort to move the project forward, its development-hungry governor has proposed building a casino and resort complex "of not less than 1,000 rooms" - not exactly a conservation-minded move. In fact, even though the world-park concept was first floated in 2004, no guidelines for development in the park have been drawn yet, bringing into question how valuable the project will really be in conservation terms. The national government, too, remains skeptical. "It might be a workable idea," says Joseph Urusemal, a senator who was President when...