PBL, Melco withdraw bid for Singapore casino

01/03/06 - newratings.com

LONDON, January 3 (newratings.com) - Publishing & Broadcasting Ltd (PBL) and Macau gambling tycoon Stanley Ho's Melco International Development Ltd (0200.HK) Tuesday announced the withdrawal of their joint bid to build Singapore’s first casino on cost concerns.

Publishing & Broadcasting’s executive chairman James Packer said in a statement that the returns expected from the planned Marina Bay casino resort in Singapore were "insufficient to justify the higher projected capital costs of the project." The PBL-Melco joint venture, which is currently developing the Crown Macau casino and "City of Dreams" resort in Macau, would continue to focus on developing gaming and entertainment opportunities across Asia, Packer added. Publishing & Broadcasting’s share price rose 8¢ to A$16.56 by late afternoon trade in Sydney.