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March 4, 2009
LAS Vegas Sands, billionaire Sheldon Adelson's gaming company, said it's working 'aggressively' to meet its target to open a Singapore integrated resort by the end of the year, Bloomberg News reported.
Construction of the project's first hotel tower has reached its halfway mark and the three 55-story hotel towers may be 'topped out' in July, it said in a statement on Wednesday. The project also includes a convention centre.
'We are confident of delivering on all fronts,' Nigel Roberts, president of Marina Bay Sands, as the Singapore resort is called, said in a statement, Bloomberg reported.
'Everyone is working aggressively toward our target opening date,' he added.
Las Vegas Sands, which lost 94 per cent of its market value last year amid gambling declines in Las Vegas and Macau, raised US$2.14 billion (S$3.32 billion) in November, partly from Adelson and his family, to avoid tripping debt covenants.
The company also suspended all construction in Macau and work on its St. Regis condominium on the Las Vegas Strip to conserve cash and finish the Singapore resort and a Bethlehem, Pennsylvania casino.
Singapore is counting on the Sands resort and a competing project by Genting International to help achieve its goal of luring 17 million visitors and tripling annual tourism revenue to $30 billion by 2015.
The government has predicted visitor arrivals to fall as much as 10 per cent this year, the first annual decline since the 2003 outbreak of severe acute respiratory syndrome, or Sars, disrupted travel in the region.
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