Las Vegas Sands hit the jackpot by winning the bid to build Singapore's first integrated resort, to be called The Marina Bay Sands.

It staved off fierce competition for the Marina Bay project from three other bidders - Genting International and Star Cruises, Harrah's Entertainment and Keppel Land, and MGM Mirage along with CapitaLand.

At a news conference on Friday, Deputy Prime Minister S Jayakumar said that among the four bidders, Las Vegas Sands had committed the highest development investment of S$3.85 billion.

With the land price and associated capital cost, its total investment will exceed S$5 billion.

Watch the announcement here.

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