CapitaLand has not held talks with Las Vegas Sands over Marina IR

Property developer CapitaLand said it has not held any talks with Las Vegas Sands over the integrated resort at Marina Bay.

The comment follows market talk that CapitaLand may step in to take a stake in the resort, given financial difficulties at Sands.

In its statement, CapitaLand said it is watching the current global environment and studying opportunities related to distressed companies or assets in Singapore and other core markets.

Las Vegas Sands has been aggressively expanding, but the current credit crunch is hurting its ability to raise funds for its various projects.

In a statement last Friday, the US gaming operator stressed its commitment to the Singapore project.

But latest reports from the US said Las Vegas Sands is warning that if it fails to raise money to meet certain debt obligations, that would raise substantial doubts about its ability to continue.

Source : Channel NewsAsia – 10 Nov 2008

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