After mentioning in a regulatory filing yesterday that it might default on its debt, Las Vegas Sands Corporation announced today it will continue to complete the Marina Bay Sands integrated resort in Singapore.
According to a prepared statement, Sands executives met in Singapore this week to discuss the matter.
“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,” said Sheldon G. Adelson, chairman and chief executive of the Sands, in the statement. “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. I am pleased to say that the Singapore Government's support of our project remains strong.”
Yesterday Bloomberg reported that that the Sands was unlikely to meet loan requirements of Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Inc. unless spending is cut drastically. After the announcement, shares for the casino giant fell $3.81 to $7.85, or 33 percent.
At press time on Friday, shares had declined another 13 percent to $6.76.