Word: casino
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...afternoon storm clouds gather, an almost daily occurrence in wet and steamy Singapore, work goes on as usual at the Marina Bay site of Las Vegas Sands' $4 billion resort and casino project. The earthmovers scoop and dump the soft soil, and workers fan out across the city-state's most coveted piece of land, which girdles the central business district and offers a sweeping view over the emerald waters of the Malacca Straits...
...Vegas-based casino operator, a full-blown financial hurricane may be brewing. In a Nov. 5 filing to the Securities and Exchange Commission, Las Vegas Sands revealed its cash was drying up. For the first six months of 2008, according to the filing, the company's earnings were "insufficient to cover fixed charges" by $80.1 million. This gaping shortfall, astonishing for a company that was throwing off more than $600 million in free cash flow annually just three years ago, could trigger defaults on its $8.8 billion in long-term loans. That, in turn, could jeopardize Las Vegas Sands' ability...
...company that has been caught out by the global credit crunch and crashing economy. Adelson, who is credited with helping to revitalize Las Vegas with his lavish Venetian and Palazzo resorts, has become a well known figure in Asia, where in recent years he has spent billions building new casinos and hotels in the Chinese enclave of Macau. When Singapore decided several years ago to boost its economy by becoming a tourist destination, the government of the conservative little city-state took the controversial step of legalizing gambling. Las Vegas Sands was tapped to build an anchor casino and resort...
...year-old Adelson, for his part, pledged to personally ensure the "success" of the Singapore casino. "In light of recent turmoil in the global markets," he said in a statement released Nov. 7, "I felt the need to personally reaffirm our commitment to the success of Marina Bay Sands." Apart from announcing that executives from Las Vegas Sands had met with officials from the Singapore government over the last week, however, the statement did not specify what steps are being taken to bolster the finances of his company or its Marina Bay project...
...Analysts say the casino is too important for the economic diversification of Singapore, which is overwhelmingly dependent on electronics exports and trans-shipping, for it to collapse. The Singapore Tourism Board may step in either with an infusion of cash or an agreement to assume a sizable chunk of the troubled casino operator's debt. "We are working closely and are in dialogue with Marina Bay Sands [Las Vegas Sands' Singapore subsidiary] to facilitate the completion of the project," says Margaret Teo, Assistant CEO of the Singapore Tourism Board. She declined to provide further financial details...