Marina Bay Sands Project

Marina Bay Sands Project

There was another case of a bailing out issues in Singapore. It is the Marina Bay Sands. The Marina Bay Sands development is scheduled to open in Singapore by the end of 2010. Now, there is a great stress for US gaming giant Billionaire Sheldon Adelson, Las Vegas Sands chairman and chief executive.

“Completing and opening Marina Bay Sands is the number one priority for our company,” he said in a statement. Adelson affirmed the company’s commitment to its Singapore casino after a filing with US regulators sparked doubts about its financial health. It is a huge project for Las Vegas Sands. The company is having multiple casino projects simultaneously.

Billionaire Sheldon Adelson has doubled down on his half-billion dollar bet this fall on Las Vegas Sands Corp. in a plan intended to keep the company from defaulting on its debt and falling into bankruptcy.

Apparently, project execution is still in the midst. Because of the recent financial turmoil, funding is a key issue in this construction project. The firm said, however, that it would continue work on the planned Marina Bay Sands casino resort in downtown Singapore, which is expected to cost nearly $5 billion.

The board also said Las Vegas Sands will invest about $500 million in additional equity to ensure the Singapore project is completed.

Comments are closed.
Loading...