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Non Cash Prizes Singapore Casino Complex Struggling To Stay Within Budget
In an announcement which will shock many casino operators to the core, William Weidner, the Chief Executive Officer of Las Vegas Sands has announced that their Singapore project is struggling to stay within budget. He estimates that the final price will be between 20 and 40 per cent higher than originally thought, adding a massive US$1.44 billion to the original US$3.6 billion budget!
When you consider that this is the first such casino development in Singapore, it does not exactly bode well for other investments in the area. Apparently their have been problems importing sufficient sand for the project, after neighbouring Indonesia banned all exports of sand to Singapore. Granite and sand are the core ingredients for the concrete which is required to build the complex. There have also been a number of significant alterations to the original design, which have added further expense.Â
While there is no doubt that Singapore has the potential to become a haven for the casino industry, now that various restrictions have been lifted, this increase in cost is something which the Singapore authorities had hoped to avoid. Even though there are very few projects which actually come in at or under the original budget, the significant rise and the reasons for this are concerning.
The project itself will be one of the most modern in the world, with three 50 story hotels under construction, although not normal hotel designs. These hotels will actually curve upwards from the base in a unique design, which is probably where some of the latest adjustments have been made.
There is a growing concern that Las Vegas Sands are starting to over stretch their investment budget, bearing in mind their massive project in Macau which is yet to be completed. They can ill afford any more cost increases, when you consider the current money market turmoil and ongoing credit crunch. While hopes are high, there is still a degree of risk attached to the expansion plans of the company.