Marina Bay Sands gets casino licence

Tuesday’s phase one opening of Marina Bay Casino in Singapore will include the 963 hotel rooms, part of the exhibition and convention centre, some restaurants and bars, retail shops, the events plaza and the casino. In preparation, the integrated resort ran simulation exercises involving 2,000 guests last week to test out its system.

The rest of Marina Bay Sands will open in phases. The Grand Opening will be held in June at the Sands SkyPark above the hotel towers.  The theatres, museum and Crystal Pavilions on Marina Bay will open later in the year. Meanwhile, the Sands Expo and Convention Center will be hosting its first event from May 2.

While gaming industry experts say the casino may promptly become the most lucrative in the world, others worry that the us$ 5.7 billion investment to build the casino signals the gambling world has not come to terms with the near-disaster during the recession.

Many gaming insiders are giddy with confidence in the future of Asian gambling. Bill Lerner, a consultant for Union Gaming Group, told the Wall Street Journal that "the Asian market is going to be overpowering and we're just getting started." "Not only are our hopes justified, we think we're liable to exceed our own expectations," added Sheldon Adelson, CEO and majority owner of Las Vegas Sands.

Marina Bay will have to draw high-rollers from nearby countries, as Singapore officials have installed wsignificant charges on locals who gamble, and allow blacklisting not only to self-excluders, but also family members who wish to prevent casino visits by relatives.

While Adelson tells the Journal he thinks there's "an almost inexhaustible supply" of gamblers from Malaysia, Indonesia, Thailand, India, China, Vietnam and Australia, some cautious analysts say gaming operators may be headed down the same path that led to ruin for many during the recession. Massive borrowing to build monstrous resorts at exorbitant prices left casino companies vulnerable when credit markets shut down.

But projections of huge casino revenues in Singapore have everyone singing a happy song right now. Some observers have predicted the Marina Bay, along with Singapore's other legal casino, Resorts World, may gross as much as 40 % what the entire Las Vegas Strip does.