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Wednesday, November 19, 2008

Sands: We have enough money for casino project

LAS VEGAS: Las Vegas Sands Corp has enough money to finish Singapore's first casino without help from the city-state's government or billionaire Kwek Leng Beng after the company raised US$2.1 billion (US$1 = RM3.60), president William Weidner said.

Parts of Marina Bay Sands will open later than the end of 2009, as originally scheduled, on construction snags and an "unprecedented" shortage of raw materials that is now "opening up," he said. "We have all the money required to be able to complete the project."

Las Vegas Sands, controlled by billionaire Sheldon Adelson, halted developments in Macau and Las Vegas to focus on finishing the Singapore project and the casino part of its Bethlehem, Pennsylvania, site. It raised US$2.1 billion last week selling stock and warrants, prompting auditor PricewaterhouseCoopers LLC to yesterday remove a warning that there was "substantial doubt" the company could survive.

“They should be okay for the next 12 months,” said Billy Ng, a Hong-Kong based casino analyst at JPMorgan & Chase Co.

By Bloomberg

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