Tuesday, November 11, 2008

Las Vegas Sands Corp Secures USD 2 Billion for Marina Bay IR

Las Vegas Sands Corp (LVS Corp) secures USD 2 billion capital funding, remains committed to Singapore project. By securing over USD 2 billion in capital funding, they are intend to stay on with their commitments to avoid violating loan agreements. President and Chief Operating Officer William Weidner said in a conference call that LVS Corp expects to close the transaction by the end of the week.

He continued to say that however, there will be some changes to LVS Corps' overseas resort developments. It will stop construction work at two sites in Macau's Cotai Strip pending project financing arrangements.

Mr Weidner said LVS Corp hopes to have an agreement with a major Chinese bank within the next three to six months. LVS Corp will also suspend the building of its St Regis Residence luxury-condominium project in Las Vegas indefinitely. The operator said it expects to save USD 1.8 billion by delaying and curbing plans for those projects.

But Las Vegas Sands Corp said it remains committed to its Marina Bay Sands project in Singapore, and expects to open the resort by late 2009 according to plan.

LVS Corp said it expects a significant return on capital from the Marina Bay Sands resort project. It assured that the current capital market conditions will not significantly impact the integrated resort development in Singapore.

It seems that Las Vegas Sands Corp is really given it words and the chariman is really commited that they are serious in finishing their jobs on time. The Marina Bay Sand Integrated Resort will remains the 'No 1' priority for Las Vegas Sands Corp even as the casino operator has to suspends its projects in its Macau headquarters and scales back on a development in Pennsylvania.

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