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November 11, 2008
Singapore Casino Project:
Developer says not in talks with Las Vegas Sands



November 13, 2008

Singapore considers casino opening in phases
Singapore said on Wednesday it may let Las Vegas Sands 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, reported Reuters.

US 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.

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.

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