Mr Sheldon Adelson, Chairman and CEO, Las Vegas Sands Corp,

Mr William Weidner, President and COO, Las Vegas Sands Corp,

Distinguished guests,

Ladies and gentlemen,

1. I am pleased to join you on this very special occasion to mark the start of construction of Singapore’s first Integrated Resort (IR) at Marina Bay.

2. We have come a long way since the Government took the decision to proceed with the development of two Integrated Resorts (IRs) in April 2005. It was a carefully considered decision, one that was extensively and intensely discussed, both among the public and within the Government. To assess the viability of the proposal, the Government first called for a Request-For-Concept (RFC) in December 2004 to invite interested players to submit concept proposals to develop the IRs on two sites – Marina Bayfront and Sentosa. The RFC attracted 19 bids. After studying the RFC bids, and considering all the views expressed, the Government decided to proceed with the project and to call for firm proposals to develop two IRs, both at Marina Bayfront and Sentosa.

3. The Government decided to proceed with the development because of the economic benefits the IRs would bring. The development of the IRs is a significant strategy to boost our tourism industry. The two resorts will serve as important engines of our leisure sector, creating spin-offs for the tourism industry and the overall economy. While there are potential concerns, we have acknowledged them upfront and devised mitigating measures to address them.

4. Once we decided, we moved fast. The Request-For-Proposal (RFP) for the Marina Bay IR was launched in November 2005 and the award of the tender to Las Vegas Sands Corporation was made on 26 May 2006. Today, less than 9 months later, we are here to launch the construction of this development.

A boost to Singapore’s economic growth

5. The Marina Bay Sands IR will contribute to Singapore’s economy in many ways. With a total investment of more than S$5 billion, Marina Bay Sands is one of the world’s largest investments for a single Integrated Resort. By 2015, the Marina Bay Sands IR is expected to stimulate an additional $2.7 billion to Singapore’s annual Gross Domestic Product.

6. It is expected to create another 30,000 jobs by 2015. When it opens, Marina Bay Sands will hire a staff of 10,400. The majority of them will be Singaporeans. These jobs range from key management positions to hotel guest service staff and convention centre executives.

7. The Marina Bay Sands will lift Singapore’s profile as a leading MICE destination. Conference delegates and business travelers can look forward to a world-class MICE facility and at the same time, enjoy the attractions that the IR offers.

8. Indeed, the Marina Bay Sands IR will help to revitalise our tourism and MICE sectors and enhance our appeal as an attractive destination for visitors. More importantly, its successful award has created confidence, confidence that we are prepared to change, to take risks, and to reach consensus on a difficult decision.

Sands Fits the Bay

9. The Marina Bay Sands IR has also helped to catalyse the developments around the Bay. With the development of the Marina Bay Financial Centre on one end, and the Marina Bay Sands IR on the other, the two-pronged approach will activate the waterfront quickly and stimulate further development at the Bay.

10. The IR strongly complements the other major developments at the Bay, such as the Esplanade, the Marina Bay Financial Centre, the Sports Hub in Kallang, and the Marina Barrage. These developments make Marina Bay a choice destination for cultural, recreational, business and residential activities.

11. Moshe Safdie’s design for Marina Bay Sands fits in well with existing and future developments. The setting back of the hotel towers from the waterfront opens up expansive views to the city and the entire Marina Bay. It can also draw on and add to the Gardens by the Bay, another important attraction coming up in the area. The planned tiered landscaped balconies of the buildings fronting the Gardens will extend the greenery of the Garden vertically. Together with the Sky Park, it will reinforce Marina Bay’s image of being a City in a Garden.

Marina Bay as showcase for green building technologies

12. I am pleased to note that the Marina Bay Sands IR has also committed to join other developments around the Bay in the use of green building technologies. Marina Bay Sands will strive for the Green Mark for Buildings award for the IR. The use of green building technologies will bring tangible benefits to building owners and users, in terms of energy savings, and enhanced values.

13. More importantly, the use of green technology is an important thrust in our vision to create an attractive city. While we embark on the physical transformation of our city, we must ensure that our development is carried out in a sustainable manner. Marina Bay is an important showcase of sustainable development where iconic buildings are designed and constructed as exemplary Green Mark projects. Developments around the Marina Bay have been very supportive of this effort. The Sail has obtained Green Mark Gold. The Singapore Flyer and the Marina Barrage are also committed to the Green Mark. The Marina Bay Financial Centre project team has committed to the Green Mark and has now raised their target to achieve Goldplus or Platinum level for their project. Marina Bay Sands will further contribute to this effort.

14. The developers of the IR have shown great foresight and commitment in making the Marina Bay Sands IR a distinctive and environmentally friendly building. I hope they will similarly raise their sights to achieve Goldplus or Platinum level for the IR.

Marina Bay Taking Shape

15. Along with the IR, significant developments are being implemented at Marina Bay. Over the past years, over $9 billion worth of private investments have been put in for the Marina Bay area.

16. Standing here, you can see that Marina Bay is fast taking shape. One Raffles Quay and the Marina Bay Financial Centre will offer prime office space catering to financial institutions and global businesses. Future residents in The Sail, Marina Bay Residences and One Shenton Way can enjoy city living with breathtaking views of the bay and the Gardens. The Singapore Flyer will soon present another recreational opportunity in Singapore. The floating platform on the bay will be used for mass public events. Adding to these experiences will be the heritage developments at Collyer Quay. And right in the heart of our city, we will have three interconnected waterfront gardens.

17. We are also putting in infrastructure to support these upcoming and future developments. All around the Bay, construction is well underway on essential infrastructure – roads, the rapid transit stations, the common services tunnel and the barrage, which will turn Marina Bay into a stable water stage for events.

18. Over the next few years Marina Bay looks set to progressively transform into the vibrant heart of Singapore. We are pleased to have Marina Bay Sands as a long-term partner to bring the Marina Bay vision to life. I extend my heartiest congratulations to the Marina Bay Sands team for commencing development on this site and wish you every success.

Thank you.

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