The licence for the second gaming venue in Singapore has been given to Genting International, beating off competition from Kerzner International and Eighth Wonder with a $3.38billion bid inn conjunction with Star Cruises.
The bid was reportedly chosen because of its ability to attract "new and repeat tourism" for the area, as well as raising the area's profile as an international tourism destination.
Singapore recently reversed a ban on casino gambling in 2005, awarding its first licence early in 2005 to Las Vegas Sands, which is building a $3.6bn casino resort to open in 2009.
Genting's location is due to open one year after that, with projections that it will contribute $2.7bn Singapore to the economy by 2015. It is likely that Japan and Thailand will follow SIngapore's lead in legalising casino gaming. Taiwan are also expected to change their laws in the near future. Macau has created a tempting financial template which the rest of Asia seems keen to follow.
Chairman of Genting Lim Kok Thay said of the agreement: ''We are extremely delighted to have been chosen and are very excited and honoured to be entrusted with the great task of taking Singapore's tourism sector to the next level.''
S Jayakumar, Singapore's Deputy PM, went on record to say the bid was: "the most compelling proposal overall that best meets our economic and tourism objectives."
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