Adelson Macau casino development perhaps on shifting sands

Sheldon Adelson has been in discussions with the Singapore government to seek assistance for his casino development in Singapore. According to sources, the government will announce assurances for the completion of the resort.

There is "substantial doubt" that the casino giant, Las Vegas Sands will be able to survive the economic crisis and continue operating. It posted its biggest drop in share price on Thursday last week since the company went public in 2004. The company also says that it may have to default on its loans. As of June, the company has a long-term debt of US$8.8 billion and it seems the only route to survival will be to cut back on its casino developments in Macau, China and Singapore.

Spokesman for Las Vegas Sands, Ron Reese would not comment on the negotiations between the Singapore government and Mr Adelson. The Singapore Tourism Board merely said that it was speaking with Las Vegas Sands to ensure the success of the Marina Bay Sands project. The company is busy building a casino in Bethlehem, Pennsylvania and had apparently suspended work on other construction in order to speed up the completion of the casino.

As the economic crisis tightens its grip on the Vegas Strip casinos and visa restrictions in Macau become stricter, the company's shares lost 92 per cent of their value this year and a reduced cash flow. Mr Adelson owns more than 64% of the company's shares and it is said that he has hired an investment bank to raise capital.

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Adelson Macau casino development perhaps on shifting sands

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