Friday, November 14, 2008

Marina Bay Sands May Open In Phases

Source : The Business Times, November 14, 2008

SINGAPORE said on Wednesday it may let Las Vegas Sands open its casino in the city-state in phases from the end of 2009 instead of all at once due to the difficult economic conditions.

US casino operator Las Vegas Sands this week raised about US$1 billion to shore up its finances and said it would halt or delay projects in Macau and the United States to conserve cash. The firm said, however, that it would continue work on the planned Marina Bay Sands casino resort in downtown Singapore, which is expected to cost nearly US$5 billion.

Marina Bay Sands 'had earlier committed to completing the integrated resort in a single phase by end-2009; however, it recently submitted a proposal for a progressive opening from end-2009 onwards', the Singapore Tourism Board (STB) said. 'STB is considering the proposal.' The board also said Las Vegas Sands will invest about US$500 million in additional equity to ensure the Singapore project is completed.

The Marina Bay Sands will comprise a casino, hotels, convention and retail space as well as various entertainment facilities. -- Reuters

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