How much “help” is Singapore giving to Las Vegas Sands ?

• Ramseth

  30 Oct 08, 12:50

  Given the Singapore bureaucracy’s usual prospensity for operating in secrecy, it is most unusual that the state media will publish a such a negative damning verdict on the project had the actual circumstances not been true.

   

  In all likelihood, we can now expect the Marina IR project to be delayed for the foreseeable future. The next question is: what will the Singapore government do to salvage its most prized asset and how much of taxpayers’ money will be pumped into it ?

   

  Interestingly, the Straits Times report made no mention that the Singapore government has kindly offered to help Las Vegas Sands finished the project which was reported by Bloomberg today:

   

  “Las Vegas Sands Corp. soared a record 80 percent in New York trading after the Singapore government said it was in talks with the casino company to help finish a $4 billion casino project in the city-state.

   

  The Singapore Tourism Board will “facilitate the success” of the project in downtown Singapore, the agency said. It didn’t say how it would help or if it will provide financial support. “

   

  Obviously the “assistance” rendered by the Singapore government must be quite “substantial” for the stock to gain 80% in the span of a day.

   

• reyes

  30 Oct 08, 13:01

  haha,doesnt we all know about it.

   

  who the one who will bail them out?

  i bet it is temasek.coz they are busying selling company such as power plant, chartered to raise capital.

   

  Need we say more for this conspiracy theory?

• lionnoisy

  7 Nov 08, 09:00

  It needs a big helping hand!!

  Las Vegas Sands Plunges on Default, Bankruptcy Risk (Update4)
  Bloomberg - 3å°�æ—¶å‰�
  The risk of default applies to some of Sands' US unit loans. ``It would be prohibitively expensive to raise outside debt capital at this time,'' said ...
  Casino company's shares tumble more than 33% on bankruptcy fears MarketWatch
  Las Vegas Sands may miss covenant requirements International Herald Tribune
  Las Vegas Sands Shares Sink on Worries It May Bust New York Times Blogs

  @@@@@@@@@

  when LKY spent million turning a swamp Jurong into industry areas of

  40 km2 few decades ago,it was a gamble.

  But what options did he has?

  The key words is:

  JOBS! JOBS !JOBS!The old guards needed badly to reduce then

  over 13% unemployment rate.Just do it!!

  Luck SG adopted the export oriented strategy,rather than

  the import substitution !!

  Now,LHL needs badly to create jobs.What are his options?

  We need jobs badly in 1965,as well as in 2009 and beyond.

  Other academics ,Like Prof Linda Lim of Michigan U ,or international org would

  offer suggestions.Talk is cheap.But how  many jobs can

  be created from their valuable proposals?

  We must salute STB to boost tourism,down to detailed target

  of 10,800,000 for this year.

  Your mon probably have told u.Men need a target.

  SG have many and achieved most of them,if not exceeding!!

  SG just not survive against all odds.But not so bad lah.

  @@@@@@@@@@@

  In this week end,think why oz need to cut spending in the coming months,

  but SG increase spending?(Thanks to our forefathers

  leave us some $$)

  • Singaporeans can expect next year's budget to be expansionary

   

   

• likedatosocan

  7 Nov 08, 09:25

  I wonder will casino, should it ever open, HIKE the entry fee to cover the whatever?

• reyes

  7 Nov 08, 10:16

  Your mon probably have told u.Men need a target.

  SG have many and achieved most of them,if not exceeding!!

  SG just not survive against all odds.But not so bad lah.

  my mom also tell me to set a realistic target.

   

  My mom also tell me to achieve target in a righteous manner. i sont see how bailing out of casino using  taxpayers money can be consider  a righteous way. maybe we shouldnt have build the casino at all.

   

   

• angel7030

  7 Nov 08, 10:20

  The most Singapore govt can do is to import Sands from Indonesia instead of  from Las Vegas which is more expensive.

• angel7030

  7 Nov 08, 10:27

  Originally posted by reyes:

  my mom also tell me to set a realistic target.

   

  My mom also tell me to achieve target in a righteous manner. i sont see how bailing out of casino using  taxpayers money can be consider  a righteous way. maybe we shouldnt have build the casino at all.

   

   

  
  Hike My Fuhrer,

   

  You mom, our excellency, also said to set achievable targets, to do that, the foresight has to be good. Unfortunately, our scholarly trained govt peoples all cockeyed. Maybe it is time for our Nazi party to step in and help. We should not build casino in the expense of burdening the citizens, if that is the case, we better build dormitories for PRC gals and other foreigners or to station our Nazi SS troops, shelter for our Panzers' Division and our luffawaffe airplanes

• Atobe

  7 Nov 08, 12:06

   

  If the Singapore Government need the Casino so badly for the sake of Singapore's economy, it will have to either bail out the Las Vegas Sands investment at the Singapore Marina; or get a new investor to take over the project.

  Looks like the altar table design of the Las Vegas Sand has not brought good FengShui for the project, and with the development almost 30% built - it may require the build up structures to be knocked down or redesigned.

   This will result in new delays and a push-back to the original opening date.

   

   

  Friday, November 7, 2008

  Las Vegas Sands Plunges on Default, Bankruptcy Risk...

  
  

  [By Beth Jinks]
  Nov. 6 (Bloomberg) -- "Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, plunged in New York trading after saying it may default on debt and face bankruptcy.
  
  The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won't meet the requirements of some loans unless it cuts spending on development projects, boosts earnings at its Las Vegas Strip casinos and raises more capital. The Las Vegas-based company's dwindling cash flow is threatening $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.
  
  "They need to raise money,'' said Keith Foley, a New York- based analyst at Moody's Investors Service Inc. "It's getting to the point where they need to do something now.''
  
  The shares dropped $3.21, or 27 percent, to $8.81 at 1:21 p.m. before the start of New York Stock Exchange composite trading. Las Vegas Sands had tumbled 91 percent before today as investors dumped the stock, worried that falling casino winnings and the global financial meltdown would leave the company without enough cash to pay for expansion projects or cover its loans..."

• charlize

  7 Nov 08, 12:11

  More price hikes for Singaporeans on the way.