Analysts and commentators have roundly concluded - after the Singapore Government's announcement on April 3 - that the joke is squarely on the two integrated resorts (IRs).
Several analysts, including Morgan Stanley's, quickly declared the Government as the big winner; and JP Morgan decried the "unnecessary large investments" in the decision to extend the duopoly concession to 2030 in return for an additional investment of $9 billion by the two operators.
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