Friday, November 14, 2008

STB Considering Proposal For ‘Progressive Opening ’ Of Resort

Source : TODAY, Friday, November 14, 2008

The Singapore Tourism Board (STB) “is considering” a proposal, submitted by Marina Bay Sands, for “a progressive opening from end-2009 onwards” of the integrated resort (picture).

“As discussions are still underway, we are not able to provide more details,” added the STB in a statement yesterday. It said it would work closely with Las Vegas Sands (LVS) to facilitate the completion of the integrated resort which was originally to have been finished by end-2009.

The STB also noted that Las Vegas Sands had managed to secure additional funds, and it would have the necessary funding to complete Marina Bay Sands.

“We welcome LVS’ affirmation that it will focus its development activities and available capital principally on the timely completion of two of its developments, one of which being the Marina Bay Sands. LVS expects to invest approximately $756million in additional equity in MBS,” said STB.

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