If it’s on the Internet, it’s got to be true, right? Maybe not. According to Dow Jones (so says Yahoo), Wynn Resorts is looking to build in Singapore. That seems reasonable. But one paragraph in, the article says that Wynn owns the Bellagio and Mirage.
From the ever-trustworthy Yahoo:
Las Vegas gaming resort operator Wynn Resorts Ltd. (WYNN) Tuesday confirmed it intends to submit a proposal to build Singapore’s first casino, putting it in competition with MGM Mirage (MGG) and Kerzner International Ltd. (KZL).“Wynn Resorts is delighted to be participating in the process for this exciting project,” the company, whose properties include the Bellagio and Mirage hotels in Las Vegas, said in a statement.
It didn’t elaborate on its plans for Singapore, although local newspaper Straits Times said Wynn Resorts plans to go in alone, unlike rivals that are planning tie-ups with local partners.
The daily newspaper also quoted Wynn Resorts’ President Ronald Kramer as saying the company is eyeing a site in Marina, just south of Singapore’s central business district.
Wynn Resorts’ investment could be anywhere between the US$704 million and US$2.7 billion it spent recently on projects in Macau and Las Vegas, Kramer said, according to the newspaper.
Last December, Singapore called for potential investors to submit concept plans for an integrated resort that may include a casino. If the concepts are “compelling,” the government will formally request proposals from the investors, it said.
The deadline for the concept plan is Feb. 28.
Besides Marina, the government has also identified the resort island of Sentosa as a possible site for its integrated resort.
Singapore’s CapitaLand Ltd., Southeast Asia’s largest property developer by assets, last month said it is teaming up with Kerzner to come up with a proposal for Sentosa, and MGM Mirage for a Marina bid.
Other parties that are expected to vie for Singapore’s casino project include Harrah’s Entertainment Inc. (HET) of the U.S., Malaysia’s Genting Bhd., and Macau gaming tycoon Stanley Ho.
At first I thought that MGM Mirage had spontaneously spun off their two premier properties to the company that will be its chief rival for high-end play, but a few calls to some well-placed sources refuted that possibility.
The moral: don’t believe everything you read, even if it is from a “trusted” source.