Las Vegas Sands wins Singapore casino bid

An artist's concept by the Las Vegas Sands Corporation for the casino complex

nytimes.com :

Singapore said that it had selected Las Vegas Sands to build and run the first of two planned casino resorts here, choosing the company's vision of a $3.2 billion convention-driven district over three other bids, including two bids that were backed by government-owned companies. "Las Vegas Sands Corp. is honored to be selected by the Singapore Government to build and operate the Marina Bay Integrated Resort," the company said in a statement issued after the decision. "Our top priority is to partner with the Government and the people of Singapore to ensure that we deliver on Singapore's economic and social goals to enhance its status as one of the world's greatest travel destinations." The company promised to open the new resort, which it has named the Marina Bay Sands, by 2009. It was just over a year ago that Singapore lifted a 40-year ban against casinos as part of an effort to boost tourism and stimulate the island-state's transition to a service economy as more and more manufacturing jobs shift to countries with lower labor costs.

While the companies' proposals were kept largely under wraps throughout the secretive selection process, Sands disclosed plans to create a massive "district" whose features included a giant waterfall and a museum designed by Massachusetts-based architect Moshe Safdie, who designed Jerusalem's Holocaust Museum. Sands also played on its strengths as a leader in the convention industry - its chairman Sheldon Adelson created the Comdex consumer electronics trade show. Dangling an economic lure, the company had also promised that its project would create 10,400 jobs, 75 percent of them for locals, and would account for 1 percent of Singapore's entire economy.

Analysts said the project is already shaping up to be the world's most expensive casino resort. It will sit on roughly 51 acres of reclaimed waterfront land facing downtown Singapore that city planners are turning into a new central business district. To make sure bidders focused on alluring designs rather than costs, they took the unusual step of setting the price for the land at S$1.2 billion ($758 million). In return for its investment, Sands gets a 30-year concession to operate the casino, which analysts estimate could bring in as much as $3.4 billion a year in revenue. The government has also thrown in a variety of enticements, including a low, 15 percent tax on revenues and, bidders said, its assurances that it will allow no additional casinos into the country for at least 10 years.

While Singapore's primary objective in introducing casinos is to boost tourism, the Marina Bay project is also aimed at anchoring the city's new waterfront and authorities emphasized that the proposals should take into account that the new resort needed to be as tasteful as it was iconic. "Marina Bay is the future postcard of Singapore," said Robert Garman, general manager of Hongkong Land Singapore, which is developing two new office buildings near the Marina Bay site. It may not be surprising, then, that Sands' museum concept played to more receptive ears than MGM's plan to incorporate a Cirque du Soleil show or Harrah's plan to have Hollywood director James Cameron, of "Titanic" and "Terminator" fame, design an indoor theme park.

Officials have downplayed the role of the casino in the project, euphemistically referring to it as an "integrated resort." Nonetheless, the casino issue prompted an unusually high level of public dismay, mostly over fears that the casinos would increase the country's famously low crime rate and worsen gambling addiction. To allay public fears that the casino would reintroduce organized crime, bidders are being subjected to strict probity checks and Singapore has created regulatory bodies modeled on those in Nevada and Australia. The requirements of the tender also stipulated that casino itself could occupy no more than 5.5 percent of the resort's overall area. To ensure the casinos don't provide Singaporeans with a cheaper gambling opportunity than they now have overseas, the government will require that locals pay either a daily entrance fee of S$100 ($63) or an annual S$2,000 levy.

69, 70, 71

Crude oil prices are hovering at $71.5x, toggling between the high 50 cents and low 50 cents of $71. Why the big interest? Reason numero uno : a vested interest, of course. And then there's the fact that every twitch has an impact on the global economy, so it affects practically everybody.

Consider this statement :

"Every dollar added to the price of oil adds US$1 billion to airline industry costs. The battle is to keep these costs from reaching the bottom line. Airlines are dramatically increasing efficiency and cutting costs. It is time that all partners in the industry's value chain must do the same."

- Giovanni Bisignani
Director General and CEO
International Air Transport Association (IATA)

(2006-05-26 17:58:02 SGT) [Energy] Permalink

Russia offers to build Vietnam's 1st nuclear plant

thanhniennews.com :

Russia wants to build Vietnam's first nuclear reactor, the Russian nuclear agency has said after taking part in a nuclear energy exhibition in Hanoi, the AFX news agency reported. Vietnam presented its nuclear energy development strategy to 2020 at the exhibition, showing plans to build a first 2000-4000 megawatt nuclear reactor starting 2010.

"Taking into account Vietnam's goals in the nuclear sector", the Russian delegation "transmitted a technical construction proposal for a nuclear research centre with a 10 megawatt experimental reactor", Russian agency Rosatom said in a statement. Russia also wants to provide a technical proposal for the construction of a first nuclear reactor in the southeast Asian country and to study ways to finance it, the statement said.

Russia, like the United States, says it seeks the controlled worldwide development of civil nuclear power to help improve energy security.

(2006-05-26 15:57:45 SGT) [Energy] Permalink

Bush says "bring 'em on" was big mistake

The alternate news folks have been harping on this for years ("Bring 'em on", "Mission Accomplished", bla), but to hear it from the man himself is kind of ... interesting.

news.yahoo.com :

President George W. Bush admitted that his bellicose "bring 'em on" taunt to Iraqi insurgents was a big mistake, as he and British Prime Minister Tony Blair carefully avoided setting a timetable for removing troops from Iraq. Meeting at a time when a new Iraqi unity government offers the promise of a way out of an unpopular war that has damaged their standings at home, Bush and Blair were remarkably reflective on some of the grievous mistakes that critics say has intensified anti-American sentiment in the Middle East.

Back in July 2003, the tough-talking Texan responded to a question about the emerging Iraqi insurgency by saying "bring 'em on." At a joint news conference with Blair, after three years of war that has killed more than 2,400 Americans and thousands of Iraqis, Bush said that remark was "kind of tough talk, you know, that sent the wrong message to people."

The two leaders are under pressure at home to show progress in Iraq so they can start withdrawing their forces. There are now about 132,000 U.S. troops and 8,000 British troops in the chaotic country. Said Bush: "Listen, I want our troops out - don't get me wrong. I understand what it means to have troops in harm's way ... But I also understand that it is vital that we do the job, that we complete the mission."

Both leaders acknowledged the decision to invade Iraq in 2003 had been divisive, but agreed it was time to look to the future now that the Iraqis had gone to the polls and freely elected a new government.

(2006-05-26 13:02:03 SGT) [Musings] Permalink

American summer driving season starts

statesman.com :

Gulf Coast refineries are now operating at more than 90 percent of capacity in a continuing recovery from damage by last year's hurricanes that eases the pressure on gasoline prices as drivers head into the Memorial Day weekend.

The summertime holiday driving season begins this weekend, and the annual hurricane season arrives next week even as oil companies and refiners continue to repair the damage from 2005. Although refining capacity is nearly back to normal, 22 percent of Gulf of Mexico oil production and 13 percent of natural gas production were still out of service as of May 22, according to the Minerals Management Agency.

Last week, Royal Dutch Shell said its Mars platform, the largest producer in the Gulf, could be restored by the end of June. The 140,000-barrel offshore well platform had been out of service since Aug. 31 when Hurricane Katrina hit.

(2006-05-26 10:24:14 SGT) [Energy] Permalink

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