SINGAPORE: The operators of the two integrated resorts , which are looking to ramp up their offerings here, will have to pay for land based on “fair market value” determined by the chief valuer, said Senior Minister of State for Trade and Industry Chee Hong Tat on Monday .of Marina Bay Sands and Resorts World Sentosa .Ang Mo Kio GRC MP Gan Thiam Poh asked how the Government ensures a “fair” land cost without calling for a public tender.
In the case of the IRs, the proposed S$9 billion investment will introduce additional world-class attractions and experiences for both tourists and locals.These are expected to attract an additional 500,000 international visitors each year, contribute S$500 million annually to Singapore’s economy, create up to 5,000 new jobs and increase opportunities for local companies, he said.
“If the IRs choose to activate their options for additional gaming area, they will have to pay additional costs for these areas." MBS and RWS are each currently allowed 15,000 sq m of approved gaming area but they will be given the option to deploy an additional 2,000 sq m and 500 sq m respectively, subject to the payment of additional land costs.
Gaming activities are an important source of revenue for the operators, contributing more than two-thirds of their total revenue, he added.
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