Marina IR Opening Delayed

Source : The Straits Times, July 8, 2009

THOSE hoping to visit the Marina Bay integrated resort at the end of the year will be disappointed. The casino-resort will only be ready in January or February next year.

On Wednesday, the IR celebrated a major construction milestone - the completion of three 55-storey hotel towers. -- ST PHOTO: DESMOND FOO

The announcement on the delayed opening came from none other than Mr Sheldon Adelson, chief executive officer and chairman of parent company Las Vegas Sands. He had announced that the entire project will be completed and open by 2009 on the day the company won the bid in 2007.

Three years on, at the topping out ceremony for its three hotel blocks on Wednesday morning, Mr Adelson told the media, government officials and guests that Marina Bay Sands will have its soft opening next January or February.

Mr Adelson (first, from left) told the media, government officials and guests that Marina Bay Sands will have its soft opening next January or February. -- ST PHOTO: DESMOND FOO

His reason: 'We can't control the flow of sand to make concrete, the availability of steel or the availability of labour.'

Marina Bay Sand's delayed opening will put it in direct competition with the other IR project on Sentosa, Resorts World on Sentosa, which is also targeting to open in the first quarter of next year. Both are gunning now to be ready before Chinese New Year, which falls in the mid-February, to welcome the festive crowds.

Still, Las Vegas Sands chief operation officer and president Michael Leven said he is not worried about going head to head with his competition as the Marina IR appeals to very different segments of the market.

The group remains confident that the Singapore project will be successful when it opens. -- ST PHOTO: DESMOND FOO

Mr Adelson promised that 50 per cent of the resort will be ready for the soft opening, with the rest to follow two to three months later. The group remains confident that the Singapore project will be successful when it opens.

On Wednesday, the IR celebrated a major construction milestone - the completion of three 55-storey hotel towers. Work will start on the next challenge, which is to hoist the sky park onto the hotel towers, some 200 metres above the ground.

Wednesday's ceremony was attended by government officials from various agencies, ranging from Singapore Tourism Board, the Singapore Workforce Development Agency, the Casino Regulatory Authority, and some 120 regional and local media.

Sheldon Adelson said Marina Bay Sands will open early next year for its initial phase. -- PHOTO: AP

The Singapore integrated resort was one of the few projects Las Vegas Sands continued to work on after the company was hit by a massive cash crunch last year. It was forced to suspend work on a Macau project late last year and lay off 11,000 workers.

However, Mr Adelson said on Wednesday he expects work to commence on the stalled Macau project by end of the year. He said the company is looking at re-financing the project, and considering five options, including an initial public offering (IPO) on the Hong Kong market for the Macau assets to raise funds. Mr Adelson said the company expects to finalise plans for Macau by September.