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SA Firm Battles Global Giants for Singapore Casino
A South African gaming company is prepared to spend
over $2-billion as it takes on the world's top industry players in a
high-stakes battle to build and run casino resorts in Singapore.
Peermont Global is among 14 companies invited by the government to
submit detailed plans for two integrated resorts that will include
Singapore's first casinos.
It will compete with US firms like Harrah's Entertainment, Wynn Resorts,
Las Vegas Sands and MGM Mirage, as well as major players from Australia
and Malaysia.
Since the decision to proceed with the controversial casinos was
announced on April 18, executives from these companies have been busy
meeting with Singapore tourism and trade ministry officials as they
sharpen their proposals.
The contracts, worth around $3-billion (R18-billion) for the two
projects, will be awarded by the end of the year.
Ernie Joubert, Peermont's chief executive, acknowledged his company may
be one of the smallest among the bidders, but was unfazed by the
competition.
"It's tough competition, they are all strong players and we respect them
but we are not overly concerned. We don't believe that there's anything
they can do that we can't do," Joubert said in an interview on
Wednesday.
Peermont, which operates integrated resorts that include casinos,
hotels, convention centres and restaurants in South Africa and Botswana,
is bidding to build and operate a resort on Singapore's downtown Marina
Bayfront.
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