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     FrontPage Edition: Sat 27 May 2006

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Las Vegas Sands awarded Integrated Resort Project at Marina Bay

Source: www.stb.gov.sg

Government Awards Integrated Resort at Marina Bay Project to Las Vegas Sands Corporation
The Singapore Government announced today (26 May 2006) 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 this evening.
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 ¨C 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 $4 billion to $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:

a. Tourism appeal and contribution (40%);
b. Architectural concept and design (30%);
c. Development investment (20%); and
d. Strength of consortium and partners (10%).

The proposals were assessed using the Analytic Hierarchy Process. It is a methodology that provides discipline and objectivity, ensuring that the final outcome is based on an evaluation of both the qualitative and quantitative factors.
The evaluation process was conducted in a systematic and rigorous manner. All the proposers had the opportunity to present their proposals to the Ministers in the TAA shortly after the close of the RFP. Assisting the Ministers in the evaluation process were Permanent Secretaries from the same four ministries.
The committee also considered the views of a Design Evaluation Panel comprising established local and international architects, as well as the inputs of other international and local experts in areas such as attractions, entertainment, and financial and business models.
After a rigorous evaluation process, the Ministerial Committee assessed that Sands had submitted the best overall proposal.
More.....

Source: www.stb.gov.sg Media Release 26 May 2006

Related Article:

- Genting International and Star Cruises wins Sentosa IR bid

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