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Singapore Starts Casino Gambling on Chinese New Year
SINGAPORE --
The Resorts World Sentosa, the first of two casinos in Singapore to receive its license, began gambling operations yesterday, on the Chinese New Year. The casino unexpectedly was awarded its license in time to open gaming for the most auspicious holiday in the Chinese calendar.
Genting Group operates the new casino, while the Marina Bay Sands, owned by Las Vegas Sands, is attempting to meet a projected April opening. Gaming analysts have said the Sands casino is running behind and may not end up hosting gaming until the summer.
In an industry that treasures high rollers, Singapore boasts the greatest number of millionaires per population density in the world, and is conveniently close to the Oriental countries which have caused exponential growth at the gambling enclave of Macau. Singapore officials hope to capture some of the market while Chinese authorities restrict visas to Macau in an attempt to keep the pace of growth under control.
Fresh off beating Ls Vegas Sands to the punch on opening, Genting officials told reporters covering the resort opening that the company is looking for expansion opportunities in the US, perhaps as part of a purchase of existing assets. While US operators have been loath to sell casinos, several of the major operators, including the dominant Las Vegas Strip companies of Harrah's and MGM Mirage, are still financially stressed.
The Singapore operation not only contains the casino, but also holds a Universal Studios theme park and convention facilities designed to draw like Las Vegas resorts, from a crowd broader than just gambling patrons.
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