SINGAPORE: Singapore is "carefully considering" proposals by Las Vegas Sands Corp and Genting International plc to open their casino resorts in the city state in "progressive" stages.
Each of the multibillion-dollar projects must still open as an "integrated resort" rather than a "standalone casino", S. Iswaran, senior minister of state for the Trade Ministry, said in Parliament yesterday.
Las Vegas Sands, battling to avoid bankruptcy, suspended construction of casinos in Macau this month to focus on its Singapore project, Marina Bay Sands, scheduled to open at the end of 2009. The company raised US$2.1 billion last week by selling preferred stock and warrants to help finance development projects.
"The Singapore Tourism Board remains in dialogue with Marina Bay Sands and continues to work with them to facilitate the project's completion," Iswaran said. "It would be fair to say that due to the global financial crisis and the slowdown already evident in our tourism sector, there may be some impact on the integrated resorts' business when they open."
By Bloomberg
Tuesday, November 18, 2008
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