Singapore Won't Bail Out Sands Project
SINGAPORE (AP) -- Singapore won't bail out troubled casino operator Las Vegas Sands if it runs out of money before finishing a $2.7 billion casino-resort in Singapore, Trade Minister S. Iswaran said, a state TV channel reported.
Iswaran didn't rule out the participation of government-owned companies in the project, known as Marina Bay Sands, should Las Vegas Sands run out of funding, Channel NewsAsia said Wednesday. The company hasn't asked the government for money, Iswaran said.
Las Vegas Sands plans to suspend several casino projects in Macau and Las Vegas after saying last week it was in danger of breaching lending conditions and defaulting on $5.2 billion of debt.
The company raised $2.14 billion in new capital this week by selling shares to investors, including billionaire CEO Sheldon Adelson.