Las Vegas Sands "has money" to complete Singapore project
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Ailing gaming giant, Las Vegas Sands Corp., has enough money to finish Singapore’s first casino without help from the country’s government, Bloomberg has reported. The company has reportedly raised US$2.1 billion last week though sale of stocks and warrants, prompting auditor PricewaterhouseCoopers LLC to remove a warning that there was “substantial doubt” the company would survive.
Parts of Marina Bay Sands will, however open later than the end of 2009, as originally scheduled, due to complications in construction and an “unprecedented” shortage of raw materials, Bloomberg reported the Las Vegas Sands’ President, William Weidner, saying said in an interview.
“We have all the money required to be able to complete the project,” Weidner said.
He and billionaire company owner, Sheldon Adelson, plan to travel to Asia within the next two weeks to assess the company’s developments, Weidner added.
“They should be okay for the next 12 months,” Billy Ng, a Hong-Kong based casino analyst at JPMorgan & Chase, was quoted as saying. “They have proven their liquidity. This will help investors’ confidence.”
Las Vegas Sands expects to open at least 1,000 hotel rooms in two towers on schedule by the end of 2009, Executive Vice President, Bradley Stone, said earlier this month. The company will also open “a portion” of the mall, the casino, and most of Marina Bay Sands’ meeting and conference space, he added.
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