Singapore opens world's second most expensive casino
Singapore's $5.94 billion casino
The $5.9 billion Marina Bay Sands, the world's No.2 most expensive casino after MGM Mirage's CityCenter in Las Vegas, has opened in Singapore. Photo: Reuters
Singapore threw open the doors of its second casino on Tuesday as part of a $US5.5 billion ($A5.9 billion) complex built by US gaming giant Las Vegas Sands.
Marina Bay Sands, located next to the financial district, opened at the locally auspicious time of 3:18 pm (5:18pm AEST). The number eight sounds like the word for prosperity in Chinese.
The $US5.5 billion casino-resort is the world's second most expensive casino after MGM Mirage's CityCenter in Las Vegas and is expected to generate as much $US1 billion in annual profit.
Singapore gave the green light for casino gambling in 2005, setting off a flurry of construction that went ahead despite the city-state slipping into recession in 2008 because of the global financial crisis.
Its first casino, the $US4.4 billion Resorts World Sentosa, opened for business on February 14.
Marina Bay Sands was originally set to open at the end of 2009 but faced repeated delays caused by a number of factors, including material and labour shortages and financial problems due to the latest global economic downturn.
Tuesday's opening included the casino and 963 out of 2,560 hotel rooms, a portion of the shopping mall, some restaurants, an exhibition centre and the events plaza.
The remaining hotel rooms and suites, a skypark and more shops will open on June 23, while a museum, theatres and other stores will start operations later in the year, the management said.
Officials hope the casinos will help Singapore achieve a target of attracting 17 million visitors a year generating over 21 billion US dollars by 2015, boosting the services sector and reducing the role of manufacturing in the economy.
Marina Bay Sands is designed to cater to the corporate and convention crowd while Resorts World is aimed at families.
Built by Malaysia's Genting Group, the Resorts World complex includes Southeast Asia's only Universal Studios movie theme park, hotels, restaurants and convention facilities.
Las Vegas Sands also has major operations in the Asian gaming haven of Macau.
Singapore, with its two mega casinos, is unlikely to overtake Macau but may steal some "high-rollers" from China as operators shift premium business to the city-state where they face an effective tax rate of 12 per cent compared with about 39 per cent in the Chinese territory.
Neighbouring Malaysia's sole casino, run by Genting Singapore's parent Genting Bhd may also lose business to Singapore's newer and swankier casinos.
Marina Bay Sands has teamed up with coach operators to offer 130 daily trips from various Malaysian cities to its doorsteps.