Marina Bay IR 6 months behind

[silverspoon]

looks like 2009 is going to be a tough year ....

 

[congo9]

The casinos' high-rolling business has crashed. Current slum has spread from Vegas to Macau and other cities in the world.

Las Vegas Sands share price was trading in Dow during Oct 07 at US$160, and now it's plunged down to $40.

Stock and property market crashed in China and Chinese govt has also imposed restrictions on gamblers going out of China to gamble.

The two casinos in S'pore were developed with our govt targeting gamblers from China.

The two IRs developers are very worried.

I am worried for singapore and our money ! What happen if the goverment really bail them out ?

 

[SAMURAISAN]

Marina Bay started their project first and now they are more than 6 months behind Sentosa. Why?

Remember whoever open first has an advantage of novelty.

Sentosa major equity holder is the Genting group which has close ties with the Malaysian gahmen. It is rumoured the ban on sand exports is waived for their project. Marina Bay on the other hand, is finding it hard to get sand even if they wanted to pay more. (BTW Sands is one of the equity holders of MB - hence the irony. Sands got no sand)

But more importantly, Sentosa is founded on rock while Marina bay sits on very treacherous marine clay...foundation works at MB was the major cause of delays.

 

[Cestbon]

y delay? well, there've been lotsa hearsay;
1. that the marine soil underneath were merely too soft n detrimental to the foundation laying.
2. then there's other versions saying that costs of building materials like; sand, quarry, cement, steel... getting pricier by the day.
3. fuel price increase has its direct n indirect impact on the proceedings, since their machines need fuel to operat day n night.
4. manpowering for the manual labor has fallen quite sharply too, since the middle eastern developments have more attractive salaries.
5. contractors reputable for not paying their workers punctually... etc.

in summary, they're all singing jack neo's movie OST: $ not enough

Don't worry the gov. will pump money to save the Project or it will look like big grave yard in the city centre. That will cost few hundred million to billions. Is the biggest building contruction project in Singapore history. So at any cost goverment will save the project.

 

[SIFU]

According to my cousin who is involved with the design & management of construction of Sands Marina IR, the project is presently 6 months behind schedule.

Seems like the owners are deliberately delaying the opening of Sands IR at Marina Bay.

this is not possible lah.. after such much initial capital outlay, the IR owners would want the casinos to open asap..

eg in macau, before the whole new hotel lisboa is ready, stanley ho open the casino part 1st.. this is becos casino is cash cow, the sooner its start, the sooner the $$ comes in..

 

[scroobal]

Why are they deliberately delaying the opening ?

In any business, when the economic climate heads south, infrastructure works, capital items which are already committed are delayed sometime to a crawl. They will time it so that when it is finished, it will sync with the normal operating climate.

The Gateway Building at Beach Road was left halfway(i htink 7th flr only) when the property slumped hit in the mid 80s.

 

[Merl Haggard]

this is not possible lah.. after such much initial capital outlay, the IR owners would want the casinos to open asap..

eg in macau, before the whole new hotel lisboa is ready, stanley ho open the casino part 1st.. this is becos casino is cash cow, the sooner its start, the sooner the $$ comes in..

Cost overrun at Marina Bay IR to-date amounts to $2.3b.

Even Stanley Ho's daughter, Pansy Ho in an interview with Bloomberg has admitted that Macao casinos' business is going through a slum.

 

[suteerak1099]

Don't worry the gov. will pump money to save the Project or it will look like big grave yard in the city centre. That will cost few hundred million to billions. Is the biggest building contruction project in Singapore history. So at any cost goverment will save the project.

the monash university campus in sg project flopped like a prata on the floor. i dont think the gahmen did anything to help wrap up the mess. the comments "too bad, so sad".

in hindsight, for them to help pull monash uni (sg) outta the mess didnt seem to cost much, n if they didnt bother to do that... i dun see how is it possible for them to pump millions to accelerate & make the graveyard turn into 3 tablet tombstones.

 

[SIFU]

the monash university campus in sg project flopped like a prata on the floor. i dont think the gahmen did anything to help wrap up the mess. the comments "too bad, so sad".

QUOTE]

I think not monash leh.. it is University of New South Wales..

 

[suteerak1099]

I think not monash leh.. it is University of New South Wales..

oops... ok my bad... UNSW...

 

[annexa]

I think the street walkers of Geylang will stay at Geylang. There will be an influx of higher class ones screened by the Casino owners before being let in. These guys want face also.

Check out Macau, and you will know the standards.

 

[Merl Haggard]

Marina Bay started their project first and now they are more than 6 months behind Sentosa. Why?

Remember whoever open first has an advantage of novelty.

Sentosa major equity holder is the Genting group which has close ties with the Malaysian gahmen. It is rumoured the ban on sand exports is waived for their project. Marina Bay on the other hand, is finding it hard to get sand even if they wanted to pay more. (BTW Sands is one of the equity holders of MB - hence the irony. Sands got no sand)

But more importantly, Sentosa is founded on rock while Marina bay sits on very treacherous marine clay...foundation works at MB was the major cause of delays.

Three months after grand opening of Universal Studios at Sentosa IR, gahman will need to send by the busloads of RC, CCC, Pappy dogs and bitches to patronise theme park just like what they do now for S'pore Flyer.

If Universal Studio had to fold up in Sydney after 3 years of operations, how can it work here in our humid climate. Australia has a population of more than 21m and Sydney is blessed with four seasons, but Universal Studios still cannot make it. What more this little hot and humid peesai?

Who in his right frame of mind would go and queue up for hours in this hot & humid weather to catch a popular ride at Universal Studios?

 

[travelbug]

Sands in USA made a loss lah. So money is tight now. Hard for them to progress with project.

 

[Cestbon]

the monash university campus in sg project flopped like a prata on the floor. i dont think the gahmen did anything to help wrap up the mess. the comments "too bad, so sad".

in hindsight, for them to help pull monash uni (sg) outta the mess didnt seem to cost much, n if they didnt bother to do that... i dun see how is it possible for them to pump millions to accelerate & make the graveyard turn into 3 tablet tombstones.

That USW project is different because haven't really start construction. But the Casino project is half way already and is in the city centre. So if really short of money maybe some others casino tycoon will buy over the project. If no one want to take over them goverment have to bail out the project or taking share of the project.

 

[DearestGodlikeWarlord]

I think barrel sales will also increase.

 

[jixiaolan]

The casinos' high-rolling business has crashed. Current slum has spread from Vegas to Macau and other cities in the world.

Las Vegas Sands share price was trading in Dow during Oct 07 at US$160, and now it's plunged down to $40.

Stock and property market crashed in China and Chinese govt has also imposed restrictions on gamblers going out of China to gamble.

The two casinos in S'pore were developed with our govt targeting gamblers from China.

The two IRs developers are very worried.

$40? Are you dreaming? The share price now is $8+ after hitting a low at $2.89.

 

[red amoeba]

Not only I think the IR is delayed. I think the Sports Hubs is long overdue no? I think the fundamental revenue / fixed monthly payment mode is killing the contractor.

For Sands, besieged by workers not getting paid and severe loss of money in Macau and US - I think the only way out is a government injection of funds. So long for the 100,000 jobs promised....

 

[The_Latest_H]

Not only I think the IR is delayed. I think the Sports Hubs is long overdue no? I think the fundamental revenue / fixed monthly payment mode is killing the contractor.

For Sands, besieged by workers not getting paid and severe loss of money in Macau and US - I think the only way out is a government injection of funds. So long for the 100,000 jobs promised....

FAS keep on saying its the last match the National Stadium will have and they have been saying that for the last 2-3 years. I just think that they don't have the money to rebuild the stadium. Maybe like all other government bodies, or like the town councils, maybe FAS invested in Lehman bonds or high notes and got burned.

In fact I did mention that to one of my Arsenal kakis on New Year's day.

 

[Merl Haggard]

Not only I think the IR is delayed. I think the Sports Hubs is long overdue no? I think the fundamental revenue / fixed monthly payment mode is killing the contractor.

For Sands, besieged by workers not getting paid and severe loss of money in Macau and US - I think the only way out is a government injection of funds. So long for the 100,000 jobs promised....

I think they already had. Sometime in Oct 08 when LVS issued shares at $US5.50 per share,
an unidentified purchaser paid US$2.1b to subscribe for it. And that was immediately after A
Sheldon had spent a week in S'pore begging those fellas at Temasek and GIC.

LVS had to resort to this course because they were not able to secure anymore bank loans.

 

[Merl Haggard]

$40? Are you dreaming? The share price now is $8+ after hitting a low at $2.89.

It's amazing! Out of so many thousands of forum members here, you've got to be the no-brainer to post this stupid question to me!