Even by the opulent standards of the gaming world, analysts say these are giant sums. "The Singapore casinos are by far the most expensive ones in the region," says Gabriel Chan, head of Asian gaming research for Credit Suisse, who points out that an average casino in Macau costs roughly half as much. The Venetian in Las Vegas, completed by Adelson more than a decade ago, cost roughly $1.5 billion — less than a third of his current Singapore project.
Keen to repeat the success of Macau, which over the last decade has transformed itself from a sleepy gambling backwater into an entertainment destination, the Singapore government awarded the bids to build the two casino resorts to Las Vegas Sands and Genting in 2006. The hefty $10-billion price tag for the two developments underscore the vast ambitions of Singapore's leaders seeking to similarly transform the island's image from that of a staid, buttoned-up society into a fun, adventurous city. And while that may be fine for foreign tourists, analysts say the high fee to be imposed on Singaporeans who visit the casinos reflects the city-state's underlying unease at the thought of its conservative citizens turning into hard-partying gamblers — and making it difficult for operators to start profiting off their massive investments.