Property group GuocoLand Limited, controlled by Malaysian tycoon Quek Leng Chan, has decided not to bid for a Singapore casino license, the company said in a statement.

It came to the decision after evaluating the government's Request for Proposals (RFP) documents for the proposed gaming complex at the downtown Marina Bay area.

GuocoLand said the company "has decided not to proceed with the RFP exercise" after considering the terms and conditions laid out in the documents released by authorities in November.

The pullout by GuocoLand narrows the race for the Marina Bay gaming resort to 10 potential bidders. They include some of the world's biggest casino operators, Las Vegas Sands Corp and Harrah's Entertainment.

At least one other potential bidder earlier announced it was dropping out of the race.

Gaming operators must submit their proposals for the casino by March 29, The Straits Times newspaper reported last month, quoting a gaming analyst who paid a S$10,000 Singapore (US$5,882) fee for the government's RFP documents.

Sean Monaghan, a gaming analyst, told the newspaper the winning operator would have to pay an annual casino fee of US$12.5 million dollars to the state.

Boost tourism

Singapore in April lifted a four-decade ban on casinos despite strong domestic opposition.

Authorities said the two proposed casinos, with an expected combined cost of US$5 billion, will boost the country's tourism industry and the economy in general while spicing up the city-state's staid image.

Tourism earnings totalled US$9.6 billion in 2004 from 8.3 million visitors. Singapore wants to raise arrivals to 17 million with receipts of US$30 billion annually within a decade. Casinos are seen as a key to achieving the targets.

The casinos are expected to open in 2009.