Singapore

Senior Minister of State for Trade and Industry S. Iswaran said Singapore's government won't bail out the casino-resort being built by Las Vegas Sands Corp. in the city-state's downtown, Bloomberg reported today. The success of Las Vegas Sands’ project is crucial for the city-state, which is counting on two casino-resorts to help double visitor arrivals and triple tourism spending by 2015. The Las Vegas casino operator said yesterday it will get a $525 million investment from the family of CEO Sheldon Adelson and plans to sell $1.62 billion more in shares to raise cash and avoid bankruptcy.

Las Vegas Sands, owned by billionaire Sheldon Adelson, said it remained "committed" to its $4 billion Singapore casino project and that the city-state approved its proposal for as many as 1,000 gaming tables, the International Herald Tribune reported yesterday. The company met Singapore government officials last week to discuss completing the project, the Sands said Friday. Las Vegas Sands, which may be short of cash for $16 billion of projects in Asia, has no problems with its borrowings in Singapore, Oversea-Chinese Banking Corp. and DBS Group, said last week. The Sands told the U.S.

US gaming firm Las Vegas Sands intends to finish a casino project it is building in Singapore and there are no indications it will default on loans, lender DBS Group said Friday. DBS is one of 40 banks that formed a syndicate to fund the Marina Bay Sands casino development, which is estimated to cost more than four billion US dollars, Agence France-Presse reported today. DBS’s comments followed a filing by Las Vegas Sands on Thursday with the US Securities and Exchange Commission in which it sounded out a warning about its financial situation.