Eighth Wonder Unveils Proposal For Singapore Casino
Dow Jones

SINGAPORE -(Dow Jones)- Eighth Wonder, a Las Vegas casino developer vying to build Singapore's second casino-resort, Tuesday unveiled its proposal which included wedding pavilions designed by Vera Wang and a soccer stadium named after soccer legend Pele.

Other attractions include a spa and wellness center operated by spiritual guru Deepak Chopra and an oceanarium managed by EarthEcho International, a company headed by Philippe Cousteau, the grandson of the late French undersea explorer Jacques Cousteau.

All in, Eighth Wonder's proposal for the casino-resort on Sentosa island, which it has said is worth S$5.5 billion, involves the building of 10 hotels with over 2,100 rooms, a 7,500-seat theater within the crater of an artificial dormant volcano, and 35 rides and attractions created by a cofounder of Universal Studios Robert Ward.

The resort, called Harry's Island, will create an estimated 15,000 permanent jobs and is expected to draw some 15 million visitors by 2014, Eighth Wonder said.

"There will be only one Harry's Island, and that Harry's Island will belong only to Singapore, chairman Mark Advent said a news briefing Tuesday.

Tuesday's announcement by Eighth Wonder is its most detailed to date. The Las Vegas firm had previously kept its design for the Sentosa resort under wraps although it has revealed tie-ups in other areas.

In contrast, the consortium led by Genting International PLC (G13.SG) has said that a Universal Studios theme park will be its main attraction. A joint venture between Kerzner International Holdings Ltd. (KZL) and CapitaLand Ltd. (C31.SG) has unveiled plans to build a futuristic water theme park with live and robotic fishes.

Eighth Wonder had previously said that Melco PBL Entertainment will run the Sentosa casino as well as a Crown hotel if it succeeds in its bid for Sentosa.

Starwood Hotels & Resorts Worldwide Inc. will manage another four hotels, while Singapore spa and resort operator Banyan Tree Holdings Ltd. will operate a resort and spa facilities.

In addition, French celebrity chef Alain Ducasse will open a hotel and cooking school as well as help run as many as 50 food and beverage outlets should Eighth Wonder's proposal be selected.

Eighth Wonder's equity partners in the bid for Sentosa are Melco PBL, which has a 24.5% share, and U.S. riverboat casino operator Isle Of Capri Casinos Inc. (ISLE) with 13.8%.

Responding to queries from reporters, Advent said Melco PBL, a 50:50 joint venture between Australia's Publishing & Broadcasting Ltd. (PBL.AU) and Hong Kong-listed Melco International Development Ltd. (0200.HK), hasn't yet cleared probity checks imposed by the Singapore government.

"The probity checks are an ongoing process. It takes a bit of time," he said of Melco PBL, which joined the Eighth Wonder bid shortly before the Oct. 10 deadline for submission of proposals to local authorities.

Melco is controlled by Lawrence Ho, who is the son of Macau casino tycoon Stanley Ho.

According to a person familiar with the process, both the Genting International and Kerzner-led groups have already received certificates of eligibility from the Singapore government.

These certificates must be renewed annually or whenever the casino-resort operator takes on a new equity partner or director.

Singapore last year legalized casino gaming and said it will allow casino- resorts to be built on two sites in the city-state as part of ambitious plans to double visitor arrivals to 17 million by 2015.

The first site, a 20.6-hectare piece of waterfront land at Marina Bay near the financial district, was awarded to Las Vegas Sands Corp. (LVS) in May; while the 49-hectare site on Sentosa is expected to be awarded in early to mid-December 2006.

-By Kevin Lim, Dow Jones Newswires; (65) 6415 4156; kevin.lim@dowjones.com

-Edited by Stephen Wright

(END) Dow Jones Newswires 10-30-06 2345ET Copyright (c) 2006 Dow Jones & Company, Inc.  Top of page