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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.

Read the entire article at: Mail&Guardian; Online 

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