Struggling Las Vegas Sands "committed" to Singapore project
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Las Vegas Sands Corp. remains “committed” to its US$4 billion plan to develop a Singapore casino, Bloomberg has reported. Despite last week declaring that it is unable to pay back debts and may even face bankruptcy, the company has met with Singapore government officials to discuss plans for completing the project.
“The acceptance of our proposed casino layout by the Casino Regulatory Authority gives us the flexibility to increase our original table count of 600 to as much as 1,000 to meet demand,” Las Vegas Sands’ billionaire owner, Shelton Adelson, said in a statement.
In addition, Oversea-Chinese Banking Corp. and DBS Group Holdings Ltd have said that the company has “no problems” with local borrowing. The two Singapore-based banks are among eight hired to arrange SG$5 billion ($3.3 billion) of loans for the project, Bloomberg reported.
“If this is just an issue of funding rather than the long-term economic viability of the project, I believe the Singapore government would be ready to step in and explore all possible options to make sure it succeeds,” Song Seng-Wun, head of Singapore research with CIMB-GK Securities Pte, told Bloomberg in a telephone interview.
Back in 2005 Singapore lifted a four-decade ban on casinos to diversify the economy and create employment. Las Vegas Sands and Malaysia’s Genting Bhd have since been given approval to build gaming resorts in the city-state.
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