Hang Lung Properties’ Chan says Singapore’s casinos will “flop”

September 12, 2009
Singapore Democrats

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Chia-Peck Wong & Bernard Lo
Bloomberg

Ronnie Chan, chairman of Hang Lung Properties Ltd., Hong Kong’s fifth-biggest developer by market value, said the two casino-resorts in Singapore will fail because they won’t be able to attract high-rollers.

Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, and Genting Singapore Plc, a unit of Asia’s biggest listed gambling operator, are building Singapore’s first two casinos.

Chan commented after attending the Bloomberg Leadership Forum in Hong Kong.

 

“The big rollers are what make money in casinos, they will never come to Singapore, it’s a family entertainment” location. “You think big-rollers will go to Singapore where they have teeth and fangs coming out sideways? There are too many rules. I was in Sentosa island, I really think that it’s going to be a flop.

“The whole integrated entertainment industry, I’m worried for them. The good thing about Singapore is that if you flop, you’re given a second chance.”