Harrah's looking to build first Singapore casino

 

December 1

The CFO of Harrah's Entertainment Inc. announced during a three day visit to Singapore, that the company will try to sell shares in Singapore's first casino project if  Harrah's wins the concession for it. At the current time Harrah's is facing competition for the concession from MGM Mirage.

Harrah's is currently in the process of buying Caesars Entertainment Inc. to become the largest U.S. casino company. If stock is offered, the company will remain having the controlling stake in the company along with its partners.

The company stated that they will offer shares as soon as they feel it's the right time, and they will be listed on the Singapore Exchange. Analysts believe that Harrah's might raise between $1-2 billion in the sale of such shares.

The sale of stocks would allow investors a claim in Singapore's first gambling facility to be legalized since the it became an independent island some 40 years ago.

Still, Singapore's government must make a final ruling as to whether or not the casino will be developed. The government is said to have concerns about gambling addictions and is reserved about approval for a new gambling facility there. Harrah's has a very good track record regarding its efforts to combat gambling addiction. It is widely felt that this, and the sale of stock, will appeal the the Singapore government.