Thursday, November 13, 2008

Sands Proposes To Open Marina IR In Stages: STB

Source : The Business Times, November 13, 2008

Las Vegas Sands, squeezed by a global credit crunch, has asked to open its Singapore Integrated Resort project in stages instead of in one go at the end of next year, the Singapore government said on Thursday.

The Singapore Tourism Board (STB) said it was considering a proposal by Las Vegas Sands for the complex to be opened progressively from the end of 2009.

'As discussions are still under way, we are not able to provide more details,' STB deputy chairman and chief executive Lim Neo Chian said in a statement.

Las Vegas Sands, headed by gaming tycoon Sheldon Adelson, on Tuesday announced a halt to some developments in the southern Chinese gambling enclave of Macau due to trouble accessing credit during the global financial crisis.

Around 9,000 construction workers are to lose their jobs as a result, the head of Sands Asia said on Thursday.

But Las Vegas Sands said this week that completion of the Singapore project remains its top priority.

The company said it was 'in the process of' raising an additional US$2 billion in funding commitments.

The Casino Regulatory Authority of Singapore has allowed Las Vegas Sands to raise its original gaming table count to 1,000 from 600. -- AFP

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