Las Vegas Sands Corp. was awarded a license to build the first casino in Singapore. Last year, the country eliminated the ban on casino gambling and decided to award two licenses to operate casino resorts at Marina Bay and on the island of Sentosa.

Las Vegas Sands, which already runs the Sands Macao in Macau, China, obtained permission to open a casino at Marina Bay. According to Singapore Deputy Prime Minister S. Jayakumar, the complex will be built on a 509-acre site and will cost more than $3.16 billion.

"Our presence in Singapore, combined with our footprint in North Asia and access to China, the largest source of tourism in the foreseeable future, will enable us to generate mutual benefits for both economies and for visitors alike", said William Weidner, Sand’s President.

As a result of the announcement, Las Vegas Sands’ shares rose a 9.4 percent and closed at $69.63.