Marina Bay Sands must stand by itself says Govt.

No bailout
The Singapore government will not bail out the Marina Bay Sands integrated resort project in Singapore even when the troubled United States gaming firm Las Vegas Sands seeks funding.It has not ask the local goverment for help said Senior Minister of State for Trade and Industry, S Iswaran.
Concerns
Concerns about whether Sands has the financial ability to finish the resort at Marina Bay, after it ran into financial difficulties have been aided by Sands seeking additional funding.
Las Vegas Sands won the bid two years ago to build the Marina Bay integrated resort, one of Singapore's tourist magnets. The S$5.4 billion project, to be ready next year, is a commercial one from the start.
No to sandpit to play
That is why Singapore Government will not set into the sandpit to play. Speculation, though, that government-linked companies may be interested especially Capitaland. But Mr Iswaran made it clear that it is something for the companies themselves to decide saying it's not for the government to tell them what to do," he said on the sidelines of an industry meet.
Construction work continues at the integrated resort at a brisk space,trying to be on track by 1st quarter 2009. Sands said it has the cash to flash after raising over US$2 million in capital. Mr Iswaran noted that fund-raising by Sands is an example of what they need to do in this environment in order to strengthen their balance sheet and be able to fund the relevant project.
Priority first
They have to do some prioritisation and slow down on what is not suitable at the present climate.
On the jobs front, Mr Iswaran said Marina Bay Sands has already started recruitment and there is no reason to think that a substantive portion of those jobs will be lost. However, some of them could be deferred due to delays in some elements of the project.
Mr Iswaran revealed that Sands has asked the Singapore Tourism Board to adjust the time-line for the construction of the resort. The request is being reviewed.
The government and Sands have a development agreement which sets out clear rights for both parties, including penalties for delays. But Mr Iswaran said the government will monitor the situation closely before deciding on exercising those rights.