By: KW Ang
Marina Bay Sands, the integrated resort fronting Marina Bay in our country. At its opening in 2010, it was billed as the world’s ‘most expensive standalone casino property’ at S$8 billion (including the land cost).
Their initial investment reads as S$3.85 billion excluding the fixed S$1.2 billion cost of the 6,000,000 square feet site itself. They’d supposedly ‘budget overrun’ almost S$2 billion due to escalating costs of materials and labour shortages.
Be that as it may, they expect the casino to generate at least $1 billion in annual profit! They’d ‘fallen short’ of their projected earning of late though.
Today, Las Vegas Sands, the parent company of MBS, wants S$4.3 billion to S$5 billion for 49% stake. What’s next? Sale of the 2,561-room hotel or a 1,300,000 sqft convention-exhibition centre?
And what has our Nation gained? For the economy, Marina Bay Sands is projected to stimulate an addition of $2.7 billion (approximately 0.8% to our Gross Domestic Product by 2015), employing 10,000 people directly plus 20,000 jobs being created in other industries.
Foreign investor employs 10,000 vs Keppel retrenching 10,000. Smart, Mathematician, smart! Keeps an eye on whether we’re getting re-employed and finding jobs, as well as whether overall unemployment numbers are going up, will you Mathematician?
But, what about other social costs? GONG XI FA CAI MBS! You’re the true winner…