Singapore mulls phased opening for Las Vegas Sands
SINGAPORE, Nov 12 (Reuters) - Singapore said on Wednesday it may let Las Vegas Sands (LVS.N) open its casino in the city-state in phases from the end of 2009 instead of all at once due to the difficult economic conditions.
U.S. casino operator Las Vegas Sands this week raised about $1 billion to shore up its finances and said it would halt or delay projects in Macau and the United States to conserve cash. [ID:nN11518067]
The firm said, however, that it would continue work on the planned Marina Bay Sands casino resort in downtown Singapore, which is expected to cost nearly $5 billion.
Marina Bay Sands "had earlier committed to completing the integrated resort in a single phase by end-2009. However, it recently submitted a proposal for a progressive opening from end- 2009 onwards," the Singapore Tourism Board (STB) said.
"STB is considering the proposal."
The board also said Las Vegas Sands will invest about $500 million in additional equity to ensure the Singapore project is completed.
The Marina Bay Sands, which will form part of the extension to Singapore's central business district, will comprise a casino, hotels, convention and retail space as well as various entertainment facilities.
(Reporting by Kevin Lim; editing by Elaine Hardcastle)
