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The
Straits Times, 23 Jun 04
Casino giants eye Singapore and Thailand
By Glenys Sim
Competition heats up, with US casino executives keen to meet Singapore
officials to check out level of interest
THE casino war in Asia is hotting up as gaming giants eye potential
markets in Singapore and Thailand while Asia's gambling 'king' Stanley
Ho plans to bet US$380 million (S$646 million) on re-inventing his
empire in Macau.
Following in the footsteps of three others, America's No 3 casino
company said yesterday that it sees bright hopes in Singapore and
will meet Government officials on Thursday to 'discern their level
of interest'. 'We are definitely interested in looking at the Singapore
market if the Government decides to go ahead,' said Ms Jan Jones,
senior vice-president of communications and government relations at
Harrah's Entertainment.
Pointing to the prospects, she added: 'Singapore is a centre for trade
and has a large population base within two hours of here.' Ms Jones
was speaking to The Straits Times at the sidelines of the Asian Casino
Expo, the second event on gaming in Asia to be held here in less than
two months.
Her company's interest adds to that of MGM-Mirage, Caesars Entertainment
and Las Vegas Sands, all US giants that had reportedly met Singapore
officials when they were in Las Vegas last to study casino operations
there.
Singapore will make a decision by January 2005.
Mr Steven Lim, the executive director of RGB, a Malaysia-based gaming
supplier, believes a Singapore casino can be up and running in 24
months of an announcement. 'It has all the infrastructure in place.
There is no reason why it would take any longer,' he said.
Like Singapore, Thailand is considering getting a slice of the $14
billion business in Asia, tapping into the growing wealth of Asian
tourists and their love for gambling. Dr Ambrose So, director of Stanley
Ho's Sociedade de Jogos de Macau (SJM), said his company would consider
investing in both but Thailand would be 'more attractive'. 'Thailand
has a higher population...We have more Thai than Singaporean customers
and they are used to the type of gaming in Macau.'
However, Harrah's Ms Jones pointed out that a significantly lower
capital investment does not make a place more attractive to investors.
'Las Vegas is in the middle of the desert. No one expected it to become
such a huge tourist destination. 'The most important thing is the
partnership between entertainment complexes and convention centres.
Governments should note that non-gaming revenues in Las Vegas exceed
gaming revenues,' she said, adding that Singapore is seen as a tourist
destination.
It's a lesson that even Asia's gambling capital Macau is realising.
Dr So's company will be building three theme parks on the island.
It is being done with the hope of coaxing visitors to stay beyond
the average 1.35 days, he said, noting that visitors to Las Vegas
stay 3.7 days.
One hot topic that emerged at the two-day event, which ends today,
is the growing threat of online gaming. But RGB's Mr Lim thinks it
may not take off in Asia -- yet. |
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