SINGAPORE (AFP) — Las Vegas Sands chief executive Sheldon Adelson on Friday affirmed the company's commitment to its Singapore casino after a filing with US regulators sparked doubts about its financial health.
The development, called Marina Bay Sands, is scheduled to open by the end of next year.
"When we were selected to develop an integrated resort at Marina Bay, we made a commitment to the Singapore government and the people of Singapore," Adelson said in a statement received here.
"In light of recent turmoil in the global markets, I felt the need to personally reaffirm our commitment to the success of Marina Bay Sands," said Adelson, adding that government support for the casino "remains strong" following consultations with government officials this week.
The Casino Regulatory Authority of Singapore has allowed the company to raise its original table count to 1,000 from 600 to meet demand, it said.
The statement followed a filing with the US Securities and Exchange Commission on Thursday in which Las Vegas Sands said it may have to stop or ease up the pace of its global projects should it fail to secure the necessary funding or obtain favourable credit terms.
"If the company is not able to obtain the requisite financing or the terms are not as favourable as it anticipates, the company may be required to slow or suspend its global development activities... until such financing or other sources of funds become available," it said.
Richard Stanley, chief executive of Singapore banking giant DBS group, said Friday there were no indications Las Vegas Sands will default on loans.
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.
"All signals I'm getting from the management of Las Vegas Sands is that they intend to finish the project and move on," Stanley said at a news conference on the bank's third quarter earnings.
"I have to accept what they say and I have seen in recent days a strong commitment to the project from Las Vegas Sands," he said, adding that there had been "no indication of default" on the project.
"As of now, all the equity commitments have been made, the project is proceeding in pace," he said.
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