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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.


Las Vegas Sands

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

MGM Mirage

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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.