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Harrah's

(HET)

decided to scrap its Singapore casino bid but said it remains committed to entering the Asian market.

The company, which received a

buyout bid valued near $25 billion from private equity shops earlier this week, has seen it stock lag the rest of the sector because it hasn't cracked the fast-growing and lucrative

Asian gambling market.

Rivals

Las Vegas Sands

(LVS) - Get Las Vegas Sands Corp. (LVS) Report

and

TheStreet Recommends

Wynn

(WYNN) - Get Wynn Resorts, Limited (WYNN) Report

have opened properties in Macau, the only region of China that allows gambling.

MGM Mirage

(MGM) - Get MGM Resorts International (MGM) Report

will open its Macau casino next year.

Earlier this year, Las Vegas Sands received approval to build Singapore's first casino.

"Regrettably, we determined it would not be possible to deliver a development on the scale we envisioned for Sentosa Island while meeting our objectives for this project," Harrah's said in a statement Friday.

Meanwhile, Harrah's continues to evaluate the $81-per-share buyout proposal it received this week from Apollo Management and Texas Pacific Group.

Harrah's fell 29 cents in early trading to $75.96. Even if the company accepts the buyout bid, it will likely take six months to a year for the deal to be finalized because of regulatory issues.