Las Vegas Sands
caught a bid Friday morning after receiving permission to develop Singapore's first casino.
Sands, a stock market darling since November, said in a statement that it was chosen by the Singapore government to build and operate Marina Bay Integrated Resort, a waterfront complex that could end up being the most expensive gambling forum ever constructed.
Other bidders on the project were teams including
In premarket trading, Sands' shares added $2.53, or 4%, to $66.20. The stock has more than doubled over six months due to strong results in Las Vegas and Macau, although it gave some of the gain back in recent days. (For Nick Yulico's recent account of the bull case on the stock,
"Our top priority is to partner with the government and the people of Singapore to ensure that we deliver on Singapore's economic and social goals to enhance its status as one of the world's greatest travel destinations. We are confident we have the strengths and capabilities to achieve this mandate based on our unique ability to develop successful, iconic Integrated Resorts from the ground up," the company said.