More Delays For Sands Singapore Casino
Earlier this month, Las Vegas Sands (LVS: 18.85 +2.22%) issued a press release to announce that its casino resort project in Singapore would be opening in phases but would not commit to a scheduled opening date, even though a source close to the project suggested an opening by the end of March.
Chairman Sheldon Adelson told Singapore reporters this morning that the project is once again experiencing issues due to heavy rains and the bankruptcy of some of the projects sub contractors which may delay the opening until April.
Adelson told reports, “There are too many issues, but a delay of a week or two or a month is not considered to be a delay in construction.”
Despite the constant delays the gaming company anticipates the $5.5 billion resort to bring in $1 billion of profit annually and plans to open at least half of the project in April.
When asked if he was concerned about delays causing the markets only competition opening first he responded by saying, “I’m glad that they are opening first. We’d rather they make the mistakes and we learn from it, rather than we make mistakes.”
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