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Article: Macau casino magnate, Australian partner withdraw from biding on Singapore casino

Article from:
AP Worldstream
Article date:
January 3, 2006
Copyright

AP Worldstream
01-03-2006
Dateline: HONG KONG
Macau casino magnate Stanley Ho's Melco International Development Ltd. said Tuesday it and its joint venture partner, Australia's Publishing & Broadcasting Ltd., have decided to abandon their bid to build Singapore's first casino.

Melco said in a legal notice that the companies were pulling out because of high capital costs and low expected returns for the planned casino resort at Marina Bay, just outside Singapore's downtown business district.

"Both Melco and PBL have now decided to withdraw from the bidding," Melco said.

Melco and PBL's withdrawal from the process to select the builder and operator of the planned casino resort at Marina Bay ...

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