The Singapore Government has decided to put its chips on Las Vegas Sands to build its first casino, reports the New York Times. The casino promises to be the most expensive the company has ever built.

In many ways it will extend the “entertainment-and-much-more” model that Las Vegas has perfected. The bid reportedly played up Chairman Sheldon Adelson’s convention experience with Comdex and the new precinct that planners want to develop will be a convention district with other features such as a waterfall and a museum.

Of course, Singapore does not want to make gambling anywhere near as ubiquitous as it is in Nevada and the casino will be limited to just over 5 percent of the space that is developed.

The favorites were MGM Mirage and Harrah’s, which had both teamed up with development companies as they tried to adapt to the ways of state-sponsored capitalism in the city-state. That wasn’t enough, apparently. 

The new casino will be Marina Bay Sands and the company promises it will be open by 2009. 

For its multi-billion-dollar investment, Sands will get a 30-year concession to operate the casino, which, according to the paper, could bring in as much as $3.4 billion a year in revenue. The government has also thrown in a variety of enticements, including a low, 15 percent tax on revenues and a promise that there will on ly be two casinos for at least 10 years.

And those poor Singaporeans will still have to pay the big admission price to get a short at the slots.