Singapore will block Las Vegas Sands' Singapore mall sale

"Marina Bay Sands, the successful bidder of the Marina integrated resort, is not allowed to sell, transfer or dispose of its estate interest in Marina Bay Sands within the exclusivity period of 10 years," the paper quoted Singapore Tourism Board director Carrie Kwik as saying.

Her statement comes about a week after Las Vegas Sands said it hoped to sell the 74,322 sqm mall at the Marina Bay Sands for about us$ 4 billion in the next 2-3 years to recoup part of its investment in the Singapore property. The Singapore Tourism Board could not immediately be reached for comment.

Singapore legalised casino gaming in 2005 and allowed the building of two multi-billion-dollar casino resorts in a bid to double visitor arrivals to 17 million by 2015. Genting Singapore's Resorts World at Sentosa opened in February last year, while Marina Bay Sands started operations in April.

The Marina Bay Sands, which also includes convention and exhibition space, was developed at a cost of us$ 5.5 billion. The casino-resort reported earnings before interest, tax, depreciation and amortisation of us$ 284.5 million for the three months ended March 2011, down from us$ 391.3 million in the September-December 2010 period.