Las Vegas Sands facing issues in Singapore, Macau

Las Vegas Sands Corp. officials held an informal meeting today in Las Vegas with members of the Singapore Tourism Board.

The reason? To reaffirm that the Las Vegas-based casino operator will complete and open a $5.4 billion resort development in the island nation’s marina district.

Press reports out of Singapore have questioned the company’s commitment to the Marina Bay Sands, which has risen in cost from an original estimate of $3.2 billion.

In a statement released this afternoon, Las Vegas Sands Chairman and CEO Sheldon Adelson disputed reports that construction costs have increased. Building materials have actually decreased in price, Adelson said.

"Our commitment to the people of Singapore and the Marina Bay Sands, which we believe is destined to be one of the world's truly iconic buildings, has never wavered and we are greatly looking forward to opening its doors for the world to see," Adelson said.

Meanwhile, In Macau, Las Vegas Sands is appealing a court ruling that voided the casino operator's license to run a ferry service between Hong Kong and the Chinese gambling enclave.

The operator of the Venetian Macau and Sands Macau will continue its ferry service until Macau’s Court of Final Appeal reaches a decision.

A lower court this week ruled the government had unlawfully awarded a license to Las Vegas Sands-controlled ferry operator CotaiJet without a public tender.

Original blog item on Singapore: http://www.lvrj.com/blogs/stutz/Costs_shooting_up_for_casino_projects_in_Singapore.html