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More Singapore Bidders Expected to Drop Out

22 Jun 2005

SINGAPORE – As reported by the Channel News Asia: "Casino operators Harrah's Entertainment and Tabcorp expect more bidders to drop out of the race for Singapore's integrated resorts.

"They say exorbitant costs will push smaller operators out of the ring.

"Some estimates say only 7 out of the present 12 bidders will remain at the end of the bidding process.

"…A total of 16 consortiums started out vying to build Singapore's integrated resorts.

"Only 14 made the cut into the second stage, but it did not take long for the number to drop to 12 as prospective bidders began to pull out.

"Now, some bidders expect more of their rivals will drop out of the race as costs mount.

"Gaming analysts estimate that costs will add up to some US$3 million to US$5 million for a final proposal.

"…Harrah's believes the Singapore government will try to encourage as many bidders on both sites as possible…"

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