Las Vegas Sands said yesterday that doubts about its ability to continue as a going concern have been removed after the completion of an offering of common stock, preferred stock and warrants provided about US$2.1 billion ($3.1 billion) of additional capital. The Las Vegas-based casino operator’s independent accountants, PricewaterhouseCoopers, said in a filing with the Securities and Exchange...
Marina Bay Sands
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 integrated resort. Senior Minister of State for Trade and Industry S Iswaran, speaking on the sidelines of an industry conference, said there has been no request from Sands for a bailout so far. Sands has been working to avoid defaulting on bank covenants and...
LAS Vegas Sands is to halt work on developments in Macau, where it earns two-thirds of its revenue, to focus on the US$4-billion ($6-billion) integrated resort project at Marina Bay, executives said. The casinos and resorts company run by billionaire Sheldon Adelson said it is managing to raise a further US$2.14 billion in capital following a third-quarter loss. The United States-based company expects...
Las Vegas Sands said Tuesday it has secured over US$2 billion in capital funding commitments to avoid violating loan agreements. President and Chief Operating Officer William Weidner said in a conference call that Sands expects to close the transaction by the end of the week. He continued to say that however, there will be some changes to Sands' overseas resort developments. It will stop construction...
SPECULATION that Singapore multinational property company CapitaLand could be part of a rescue effort for the Marina Bay Sands integrated resort project is being downplayed by the developer. A company statement yesterday clarified that “no discussion has transpired between itself and Sands”. CapitaLand nevertheless stated that it is currently monitoring and studying any opportunities arising from...
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...
IN RECENT weeks, its top executives have been going around the region to raise funds - to stave off defaulting on its loans, a risk it admitted on Thursday amid doubt about the casino giant’s viability. As Las Vegas Sands’ (LVS) troubles fed whispers about the fate of its US$4.2-billion($6.3 billion) Marina Bay project here, chairman and chief executive Sheldon Adelson this week met with the Singapore...
Las Vegas Sands said it is committed to completing the development of the Marina Bay Sands integrated resort in Singapore. Concerns had been raised about the company's ability to finish the US$4 billion development after news broke out that it was struggling with a shortage of cash. In a statement on Friday, Sands said it met with the Singapore government this week and gave the assurance that it will see...
Don't bet on it! That's the advice from quite a few observers as the people behind Singapore's two planned integrated resorts insist that they will open on time. Marina Bay Sands is scheduled to open at the end of next year. Sentosa Resorts World is set to open in the first quarter of 2010. Upset contractors, who say the two operators are trying to renegotiate the prices verbally agreed upon for their...
The Singapore Tourism Board (STB) has said it is in talks with Marina Bay Sands to facilitate the success of the integrated resort project. The comment came in response to enquiries from Channel NewsAsia. Marina Bay Sands is being developed by US gaming operator Las Vegas Sands. Just last week, Las Vegas Sands announced that it had hired an investment bank to raise more capital. The gaming operator has...