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</td><td class="msgFname" width="68%" nowrap="nowrap">temaseksg <nobr></nobr> </td><td class="msgDate" align="right" width="30%" nowrap="nowrap">Sep-30 5:56 pm </td></tr> <tr class="msghead"><td class="msgT" align="right" width="1%" height="20" nowrap="nowrap">To: </td><td class="msgTname" width="68%" nowrap="nowrap">ALL <nobr></nobr></td> <td class="msgNum" align="right" nowrap="nowrap"> (1 of 1) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">38271.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt">Steve Wynn: Singapore IRs not a threat
Las Vegas casino Steve Wynn, who was in Macau to launch the IPO of his Macau unit, dismissed the two Singapore Integrated Resorts as being a threat to his business venture.
Wynn Macau is the first integrated casino and hotel resort to open in the former Portuguese enclave and the second US gaming venue to open since a 2001 law liberalised the city’s century-old casino industry.
Asked if he was concerned that Singapore, which will see its first casino project open by end of this year, will draw Chinese gamblers away from Macau, Wynn said it was unlikely.
“Will the government of Macau and the government of China let it happen? I don’t think so.”
The Chinese government has just relaxed curbs for residents of nearby Guangdong province to visit Macau. They can now obtain a visa to visit Macau once a month compared to once in three months previously.
Macau is located just opposite the prosperous coastal city of Zhuhai and is two hours drive from the metropolis of Shenzhen and Guangzhou, two of the richest cities in China.
Guangdong province has the highest GDP per capita in China which is higher than the national average. Facilitating its relatively well-off residents to visit Macau will give its casino industry a boost.
Singapore’s Marina Bay Sands IR is scheduled to be open next year in stages. Its parent company had recently raised $600 million dollars in bonds.
The government of Singapore has banked heavily on the two IRs to create jobs for Singaporeans and to generate revenue from higher tourist arrivals.
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