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Singapore casino rivals step up bids

Firms bidding for the chance to build and operate Singapore's second casino resort have announced further details of their respective bids.

Kerzner has revealed a $3.4 billion proposal that would be funded via a combination of debt and equity. The scheme would involve the creation of the world's largest artificial coral reef and an extensive network of water rides.

With a capacity of over 5,000, the casino would see an extra $2 billion spent on it by Kerzner over the course of the following ten years.

Meanwhile, Eighth Wonder has recruited some glamorous names as it too seeks to secure the license.

Soccer legend Pele has agreed to put his name to a 5,000 seat stadium and a sports academy that would be built should the Las Vegas company be successful. Designer Vera Wang, who has dressed celebrities such as Jennifer Lopez, will also be recruited to design parts of the new hotel resort.

A decision on the contract is expected to be made by the Singapore government before the end of the year.


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