Singapore will not bail out casino project, minister says
Singapore - The Singapore government will not bail out a multi-billion-dollar casino project by financially troubled Las Vegas Sands, the Channel News Asia (CNA) reported Wednesday.
But the government is considering reviewing the timeline of the Marina Bay Integrated Resort project, which is scheduled to be completed next year, reported CNA, citing Senior Minister of State for Trade and Industry S Iswaran.
Nevertheless, Iswaran has not ruled out involvement in the project by government-linked companies, saying these were commercial entities and it depended on their business sense.
Sands had asked the Singapore Tourism Board to review the project schedule.
Sands' projects in Macau and the United States are being affected by the worldwide economic crisis.
But the international casino operator has pledged to complete the Singapore project although it would be opening the hotels, shopping centre, 1,000-gaming-table casino and other facilities in phases in 2009 and early 2010.
The Marine Bay resort is one of the latest tourism-related investments in the city state, which is working on a number of developments to keep its lead as Asia's leading leisure destination. (dpa)