Marina Bay Sands to cost up to $2.1b more

Source : The Strait Times, 29 August 2007

DESPITE an almost 40-per-cent rise in the projected cost of Singapore's Marina Bay Sands project, Las Vegas Sands reiteiterated yesterday that it remains committed to the massive resort project, which is expected to transform the Marina Bay area.
Updating the Singapore media on the sidelines of the opening of The Venetian Macau yesterday, Las Vegas Sands president William Weidner and Marina Bay Sands general manager George Tanasijevich said costs are expected to rise by up to US$1.4 billion (S$2.1 billion) - a significant increase on the original US$3.6 billion price tag.

'We are struggling quite frankly to stay within budget', Mr Weidner said.

The two attributed the higher cost to recent increases in construction prices, including the cost of sand, as well as various refinements to the design.

But Mr Weidner hastened to add that construction is on track and the company expects to award a $1-billion contract for structural work on the three 50-storey hotel towers 'in a matter of days'.

A third of the funding for the project has already been secured.

Mr Tanasijevich said the company has been in talks with over 500 parties representing over 1,000 retail brands for the 1.2 million sq ft of retail space.

The group has also been in discussions to bring up to 20 business events, conventions and exhibitions to the Singapore property. Some, he said, are looking at booking ahead up to 2013.