The theme park, which will occupy about half of the 121-acre property, will have 22 attractions in seven "worlds." Other components of the resort include an interactive marine park, a water park, a maritime museum and 1,600-seat theater, a full-service spa, gourmet restaurants, high-end shops and meeting facilities. Called Resorts World at Sentosa, the development is scheduled to open in 2010.

Singapore last year reversed a longtime ban on casino gambling and issued request for proposals for two casino resorts, the only two casino resorts that will be built for at least the next 10 years. The first casino-resort contract, slated for Marina Bay, was awarded in May to Las Vegas Sands Corp., which plans to open a $3.6-billion casino resort featuring a 1.2 million-sf convention center by July 2009.

Genting and Star in addition to the $2.98-billion construction cost will pay the Singapore government approximately $391.77 million for the land upon which the facilities will be constructed. The development is expected to create 30,000 jobs over the next several years and contribute $1.75 billion to Singapore's economy.