Marina Bay Sands IR’s opening delayed again
December 22nd, 2009 | 
Author: Written by Our Correspondent
The opening of the Marina Bay Sands integrated resort has been delayed again. It was initially scheduled to open in December 2009, but was postponed to February 2010 and now two months later in April.
Las Vegas Sands Chairman Sheldon Adelson said that the delay was due to heavy rains and the bankruptcy of some of the project’s sub-contractors.
The job training for its staff will only commenced in January, some of whom have already quitted their jobs in order to join Sands and are now living on their own savings. About 85 per cent of those hired are Singaporeans.
The proposal to build the two IRs was passed in parliament in 2005 with little consultation with the people. The ruling party insisted that the IRs are necessary to generate necessary foreign exchange and to create jobs for Singaporeans.
The construction of the IRs were plagued with problems from the beginning, especially Marina Bay Sands whose parent company in U.S. almost had to file for bankruptcy due to the global financial crisis last year.
An analyst from Citicorp Anil Daswani expressed doubts about the profitability of Singapore’s two integrated resorts in September this year.
In a report on the prospects of Las Vegas Sands (LVS), which owns Marina Bay Sands (MBS) here, Citi said that assuming MBS contributes 20 per cent of LVS’s total Ebitdar in its first full year, every eligible Singaporean will have to go to the casino five times a year and spend more then the average visitor to Macau.
‘We liken the current sentiment towards the integrated resort to the Macau gaming boom in 2006/07 and urge investors to not be left holding this parcel when the music stops,’ he added.
Ronnie Chan, chairman of Hang Lung Properties Ltd., Hong Kong’s fifth-biggest developer by market value, said recently in a Bloomberg Forum in Hong Kong that the two casino-resorts in Singapore will fail because they won’t be able to attract high-rollers.
“The big rollers are what make money in casinos, they will never come to Singapore, it’s a family entertainment” location. You think big-rollers will go to Singapore where they have teeth and fangs coming out sideways? There are too many rules. I was in Sentosa island, I really think that it’s going to be a flop…..The whole integrated entertainment industry, I’m worried for them. The good thing about Singapore is that if you flop, you’re given a second chance,” he said.
Mr Ronnie Chan cannot be more wrong – it only applies to the ruling party. No matter how many times it flops, it will still have limitless number of chances as there is no opposition in parliament to hold it accountable for its actions and mistakes.
Posted in Editorial
Impt for economy of casinos.
And how delays could affect timing of GE.
http://atans1.wordpress.com/2009/12/23/casino-delays-economy-and-early-elections/
I thought IRs are supposed to create job for Singaporeans. Now it seems they are causing Singaporeans to lost jobs pending its commencement and those shortlisted are surviving on savings. This is the outcome for not consulting policies with the people. I highly doubt the caliber of those being paid millions in parliament and still unapologetic for failing the people in this country.
bunch of excessive overpaid ku ku birds with super sized peanuts ku ku brains doing the ku ku dance with the ku ku planning and the ku ku craps as ku ku usual.
Ku ku as ku ku does…ask for much but not knowing one is just a ku ku bird after and before as seen by the general not ignorant public.
The building of IR is just LHL ideas to boost GDP figure to make himself look good after he became PM as people has doubt over his capability. It never has an intention to create job for Singaporean. You have to ask why do we need two instead of one as Singapore does not have the manpower to support two IR ?
PM Lee performance in the last few years clearly show that he is not the right man to lead the country. I failed to see his intelligence in giving senseless answer to situation/questions like “What to do, it has happened, let move on”, “burn chillies and onions to stop the rain from falling”, “fixed the opposition parties”, etc. Everything in the country are getting worse i.e. lower income group see drop in their salary due to large import of cheap foreign workers, high cost of property, overcrowding of living place, lost in Temasek Holding and GIC, building of casino that will lead to more social problems, overcrowded hospital due to the large influx of foreigners, etc.
“About 85 per cent of those hired are Singaporeans.”
Who the fuck they kidding ?
Last time, PR is taken as Singapore Resident population now Singaporean means anyone who work in Singapore including foreign trash ?
Given the endless list of screw-ups in the construction of the 2 IRs, maybe with a little luck both of them will collapse on opening day and kill thousands of foreign and elite shitbags. ;-P.
Hey, a man can always hope.
High probability it will happen…the collapse i mean.
Dun understand in this kind of economical climate…still got people in the mood to gamble…
Even if want to gamble…i will rather gambled at well-established places…unless these 2 casinos give “major” discounts [probably again at the expense of the taxpayers again]…
Talk about shooting one foot repeatedly and dumbly…the problem is the shooting is at the local citizens pain and expense again…
Think we stupid it is…when win, those so call leeders/kelong chaps will rake it all for themselves but when lose they just pass the losses to us tax payers.
Give the so called leeders/leechers in charge the money [taxes etc] to make life better for all singaporeans in the end, in the end take it like we own them a living…i rather give real beggars who need the money then a bunch of ingrates who should know better. Where is the money…it is never yours in the first place…it was put in trust to you to make things better for all…not for your own self or feed your greedy gluttony habits!!