LAS VEGAS - Hoping to tap a potentially lucrative market and expand the company's Asian presence, Wynn Resorts said Tuesday it intends to submit a proposal to build a casino in Singapore.
Las Vegas-based Wynn Resorts is looking to construct the megaresort at a marina site, with the project costing $1 billion to $1.5 billion.
The company is led by casino developer Steve Wynn, who is opening a $2.7 billion megaresort on the Las Vegas Strip in April, and another hotel-casino in the Chinese enclave Macau by the end of 2006.
"Steve Wynn's creativity and proven track record of developing destination reports is the way for Singapore to define itself as a vibrant tourist destination for the future," Wynn Resorts President Ronald Kramer said in a statement.
In late December, Singapore's government invited local and international companies to outline their basic concepts for a casino, although it has yet to decide whether it will proceed with the venture.
The Singapore government said companies should submit project outlines by February 28. If they prove compelling, a formal request for proposals would follow.
The government could grant two casino licenses for the marina site and another location on Sentosa Island.
Gambling giants MGM Mirage, Harrah's Entertainment and Las Vegas Sands also have expressed interest in developing a hotel-casino in Singapore.
Marc Falcone, a Gambling analyst with Deutsche Bank, said Wynn would likely build the casino without a partner. He said Wynn could be the front-runner if the government moves forward with plans to establish a casino.
"Based on Wynn's track record and outstanding design capabilities, we believe the company is a leading contender for a Singapore project," Falcone wrote in an investor's note Tuesday.
Falcone said there is an enormous amount of money to be made in Singapore.
"Asia remains one of the chief growth opportunities in gaming in the world, buoyed by a large population with a huge propensity to gamble and increasing wealth," Falcone wrote. "We believe the revenue of a Singapore gaming opportunity could potentially reach ($1 billion to $1.5 billion)."