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SINGAPORE: Casino and gaming operators have welcomed the government's decision to proceed with two integrated resorts-cum-casinos.
They also accepted the government's restrictions on locals entering their premises, as part of safeguards to protect Singaporeans and permanent residents.
Restrictions include high entrance fee, ban on the financial distressed, and no credit for locals in the casinos.
Jonathan Galaviz, a casino gaming analyst at Galaviz Ong&Co, said: "The limitations place on locals and PRs won't provide any barriers to any large-scale investments being made in Sentosa and Marina Bay. The restrictions, some are very consistent with restrictions in other jurisdictions."
Floor space for the casinos isn't an issue either.
The casino at Marina Bayfront will be restricted to less than 3 percent of total floor area, while gaming activities at the Sentosa integrated resort will be less than 5 percent of the development.
Richard Mirman, senior vice president of Las Vegas-based Harrah's Entertainment, said: "When we designed the integrated resort, we are very comfortable that there is enough room for the casino. I don't think that is an issue at all. A lot of what we introduced relies a lot on the other components of the integrated resort. So, it really requires a lot of the other amenities to make the whole thing works."
Mr Galaviz said: "I think you'll see that even though it is a small component of the overall integrated resort, it'll still provide enough cross subsidisation when it comes to financial profits, and that will allow other activities to occur in the integrated resort. So, the limitations on the casino and the its size shouldn't pose any hindrance to large scale investments being made."
The Marina Bay site will have a combined gross floor area of 5.9 million square feet, more than double the space at Sentosa. - CNA/ir
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