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Wynn Offers $1.5 Billion for Singapore Casino

15 Mar 2005

SINGAPORE – As reported by Bloomberg: "Wynn Resorts Ltd., the Las Vegas- based casino company headed by Stephen Wynn, is offering to spend as much as $1.5 billion to win the right to build and run Singapore's first casino, Wynn President Ronald Kramer said.

"The proposal, one of 19 competing for government approval, will be an `iconic' design that would cost more than twice the $700 million earmarked for a casino it's building in southern China's Macau, Kramer, 46, said in a telephone interview.

"…Wynn Resorts, MGM Mirage and Las Vegas Sands Inc. are among companies that gave designs to Singapore's government, which will announce in April whether it will end a ban on casinos to lure tourists and gamblers. The island is within six hours flying time for more than 2.5 billion people in Asia, where the number of millionaires rose 8.4 percent in 2003, according to a Merrill Lynch & Co. and Capgemini Group study…"

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