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June 3, 2012

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Adelson disputes reports, says Singapore resort on track

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Friday, Feb. 27, 2009 | 10:18 a.m.

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Las Vegas Sands Corp. today disputed reports in the media in Singapore that it faces significant cost overruns for its $5.4 billion resort under construction there.

The company said it would meet with the Singapore Tourism Board today in Las Vegas to reaffirm its commitment to Singapore and the completion of its Marina Bay Sands resort, which it has said will open late this year.

"Our commitment to the people of Singapore and the Marina Bay Sands, which we believe is destined to be one of the world's truly iconic buildings, has never wavered and we are greatly looking forward to opening its doors for the world to see," Chief Executive Officer Sheldon Adelson said in a statement. "In addition, and contrary to recent articles in the press, no significant changes have been made to our construction budget and considering how far along we are in the construction process, and the fact that the price of building materials have continued to decrease, we do not foresee any circumstances in which our construction costs would materially increase moving forward."

The stock of Las Vegas Sands traded today at $2.60, down 25 cents.

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