Background
Marina Bay Sands is one of two winning proposals for Singapore's first Integrated Resorts, the other being the Resorts World Sentosa, which incorporates a family-friendly Universal Studios Theme Park. The two large-scale resorts were conceived to meet Singapore's economic and tourism objectives for the next decade and they will have 30-year casino licenses, exclusive for the first ten years.
Bidders were assessed based on four criteria:
- tourism appeal and contribution
- architectural concept and design
- development investment
- strength of the consortium and partners
On 27 May 2006, Las Vegas Sands (LVS) was declared winner of the Marina Bay site in the prime new business district of Marina South with its business-oriented resort. LVS highlighted its forte in Meetings, Incentives, Conferencing, Exhibitions (MICE), of which its founder, Sheldon Adelson, is a pioneer in Las Vegas and the key to his early business success. In the Design Evaluation portion of the tender, a panel of local and international architects commended Sands' design as superior to other bids in terms of pedestrian circulation and layout, and it also fit in with the Marina Bay landscape best. They liked that the hotel towers were set back from the waterfront to open up expansive views of the city and the entire Marina Bay, making the skyline for Singapore's downtown more attractive and distinctive.
Singapore Tourism Board highlighted Sands' line-up of six celebrity chefs, such as Tetsuya Wakuda, Wolfgang Puck, Daniel Boulud and Mario Batali
LVS submitted its winning bid on its own. Its original partner City Developments Limited (CDL), with a proposed 15% equity stake, pulled out of the partnership in the second phase of the tender process. CDL's CEO, Kwek Leng Beng said his company's pullout was a combination of factors – such as difficulties in getting numerous companies he owns to comply in time, as well as reluctance of some parties to disclose certain private information in probity checks required by the Singapore government. However, Kwek was retained as an advisor for Sands' bid.
Read more about this topic: Marina Bay Sands
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