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The Singapore Government announced that it will award the project to develop the Integrated Resort (IR) at Marina Bay to Las Vegas Sands Corporation (Sands). The Ministerial Committee (Tender Approving Authority or TAA)…
The Singapore Government announced that it will award the project to develop the Integrated Resort (IR) at Marina Bay to Las Vegas Sands Corporation (“Sands”). The Ministerial Committee (Tender Approving Authority or TAA) evaluating the four proposals, chaired by Deputy Prime Minister Professor S Jayakumar, announced their decision at a press conference.
Prof Jayakumar said: “All four proposers submitted very strong proposals which reflected their commitment to developing a truly outstanding integrated resort in Singapore”. He added that “Sands had submitted the best overall proposal that meets our economic and tourism objectives.”
Successful RFP Process
The RFP for the Marina Bay IR was launched on 15 Nov 2005 and closed on 29 Mar 2006. Four proposers responded to the RFP – i.e. Sands; Harrah`s Entertainment and Keppel Land (“Harrah`s”); Genting International and Star Cruises (“Genting”); and MGM Mirage and CapitaLand (“MGM”).
Each of the four proposers committed to invest a total of £1.4 billion (S$4 billion) to £1.7 billion (S$5 billion) in a world-class development that would generate substantial economic benefits for Singapore. This reflects the strong confidence of international investors in Singapore`s tourism sector. All the proposals offered an excellent range of tourism products, ranging from MICE (i.e. Meetings, Incentives, Conventions and Exhibitions) facilities to leisure attractions and entertainment shows. The proposals also all met the stringent social safeguards set by the Singapore Government for the casino component.
Rigorous Evaluation Process
The evaluation of the proposals was based on the following four main criteria, with approximate weights as shown:
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
