Singapore has selected gaming firm Las Vegas Sands to build and operate the nation's first casino.

Sands was one of four companies that submitted bids and the other firms included the more-favoured Harrah's Entertainment and MGM Mirage.

The casino project is set to cost more than $3bn (£1.6bn) and Singapore says it wants the waterfront site to become an emblem for the city-state.

Singapore aims to attract Asian gamblers and boost tourism revenues.

Regional expansion

Most of the region's gambling industry is currently centred on Macau, the Chinese special administrative region and former Portuguese colony, down the coast from Hong Kong.

Analysts said Thailand and Japan are now likely to build their own large casinos as the gambling industry opens up.

Singapore has already invited bids for a second casino project.

Sands runs the Venetian in Las Vegas and a casino in Macau, and was advised by Singapore property firm City Developments.

Its new Singapore casino, which is reportedly based on a deck of cards, may open as soon as 2009.