Which bank want to eat the dead cat?
Singapore government will not bail out Las Vegas Sands
SINGAPORE: The Singapore government said Wednesday it will not bail out the troubled US gaming firm Las Vegas Sands should it fail to fund the Marina Bay Sands integrated resort.
Senior Minister of State for Trade and Industry S Iswaran said there has been no request from Sands for a bail out so far.
Sands has been working to avoid defaulting on bank covenants and announced on Tuesday that it was raising some US$2 billion in capital.
There have been concerns about whether Sands has the financial ability to finish the resort at Marina Bay, after it ran into financial difficulties.
Mr Iswaran, who was speaking on the sidelines of an industry conference, said the government and Sands have a development agreement which specifies clear rights for both parties.
He revealed that Sands had asked the Singapore Tourism Board to adjust the timelime for the construction of the Marina Bay Sands resort.
The government is reviewing the request to see if it will conflict with its own plans for an integrated resort to be built by 2009.
Mr Iswaran added there is no reason to think that a large proportion of planned jobs for the project will be lost, although they may be put on hold.
While the government would not participate in any bailout of Sands, Mr Iswaran did not rule out the involvement from government-linked companies, which are commercial entities, if it makes business sense to do so.
- CNA
Singapore government will not bail out Las Vegas Sands
SINGAPORE: The Singapore government said Wednesday it will not bail out the troubled US gaming firm Las Vegas Sands should it fail to fund the Marina Bay Sands integrated resort.
Senior Minister of State for Trade and Industry S Iswaran said there has been no request from Sands for a bail out so far.
Sands has been working to avoid defaulting on bank covenants and announced on Tuesday that it was raising some US$2 billion in capital.
There have been concerns about whether Sands has the financial ability to finish the resort at Marina Bay, after it ran into financial difficulties.
Mr Iswaran, who was speaking on the sidelines of an industry conference, said the government and Sands have a development agreement which specifies clear rights for both parties.
He revealed that Sands had asked the Singapore Tourism Board to adjust the timelime for the construction of the Marina Bay Sands resort.
The government is reviewing the request to see if it will conflict with its own plans for an integrated resort to be built by 2009.
Mr Iswaran added there is no reason to think that a large proportion of planned jobs for the project will be lost, although they may be put on hold.
While the government would not participate in any bailout of Sands, Mr Iswaran did not rule out the involvement from government-linked companies, which are commercial entities, if it makes business sense to do so.
- CNA
