[Focus] Casino, IR, Las Vegas Sand, Genting

[zuoom]

Stock price plunged by nearly 30% in yesterday's trading! :s31:

$11.71 to $8.21 (-$3.50 29.89%)

Already fallen from peak of $148 to just $8. Its market capitalization is even less than the amount needed to fund the Marina Bay Sands IR.

http://finance.yahoo.com/q?s=lvs

via : http://forums.hardwarezone.com.sg/showthread.php?t=2138201

[zuoom]

Stock market rattles Las Vegas Sands
By Esther Fung, TODAY | Posted: 23 October 2008 1211 hrs



SINGAPORE : Questions have been raised about the health of United States gaming company Las Vegas Sands, which is building Marina Bay Sands resort here.

The company’s share price has plunged from a 52-week high of US$144.15 to Tuesday’s price of US$12.43 on concerns about a slowdown at its US operations, profitability of its Macau casinos and high gearing.

Mr Bill Eadington, director of the Institute for the Study of Gaming and Commercial Gaming at the University of Nevada in Reno, said the share price plunges at Las Vegas Sands and two other gaming firms reflect investor concerns about the firms, reported the online version of the Reno Gazette Journal.

“Either they are phenomenally good (stock) buys, or some of these companies are not going to be around,” he said.

In the worst-case scenario, if the US company goes bankrupt, Marina Bay Sands is unlikely to escape unscathed, said market observers.

“Generally speaking, if the parent company goes through financial difficulty before it has injected all the capital necessary to complete the construction, clearly that’s a problem,” said Mr Leon Perera from Spire Research and Consulting.

In the extreme scenario, if the parent company is liquidated, it needs to find a buyer for its stake in the subsidiary, which could affect the construction schedule, he said.

In response to a query about the impact on Marina Bay Sands’ operations here Mr Ron Reese, vice-president, Communications, Las Vegas Sands Corp: “The development of Marina Bay Sands remains on track.”

It said in February that it had obtained all the necessary financing - amounting to S$5.25 billion - to develop the integrated resort, which is due to open at the end of 2009.

http://forums.hardwarezone.com.sg/showthread.php?t=2138164

[zuoom]

SINGAPORE: The chips are down for Asia's gaming sector, with high rollers
and other visitors expected to stay home as the world financial crisis
takes its toll.
But analysts say the squeeze is likely to be short-term, and Asia's gaming
sector should weather the financial turmoil better than Las Vegas.
"I don't think this will end the Asian gaming boom," said Bill Eadington,
economics professor and director of the University of Nevada Institute for
the Study of Gambling and Commercial Gaming.
However, he said the crisis "certainly is going to have a noticeable impact
for a year or two."
Early signs of an industry-wide slowdown have already emerged in Macau, the
Las Vegas of the East. Government figures showed average hotel occupancy
rates sank 7.1 per cent to 76.7 per cent in August from a year ago.
Gaming revenues in the southern Chinese city are reported in local media to
have dropped 3.4 per cent to around US$860 million year-on-year in
September, the first such decline since January 2006.
Part of the drop can be attributed to recent moves by Beijing to impose
restrictions on mainland Chinese visitors to Macau, analysts told AFP.
But the region, including Macau, can also expect to feel the pinch from a
financial crisis which has already slowed the US economy, analysts said.
"The recent shocks to the global economic system have definitely impacted
the psyche of the Asian leisure tourist," said Jonathan Galaviz, a partner
with Nevada-based travel and leisure consultancy Globalysis.
"There is some evidence that spending by tourists in Macau is softening,"
he said, but "in the long run, Asia continues to be a bright spot for
long-term tourism sector growth and Macau's casino sector should be able to
capitalise upon this growth over the next decade."
While Macau government figures show visitors from China down 10.7 per cent
year-on-year in August, those from Southeast Asia soared 119.2 per cent
over the same period.
Sometimes during economic adversity people actually gamble more, said David
Green, Macau-based gaming practice director with Pricewaterhouse Coopers.
Analysts said Asia's growing reputation as a gaming hotspot can only
increase with several projects under development.
Official figures from Macau earlier this year said there were 28 casinos in
the territory. Analysts have said another 15 are to open in the next four
years.
Elsewhere, central Singapore has become a giant construction zone where two
multi-billion-dollar "integrated resorts" featuring entertainment and
convention facilities, as well as gaming, are being built.
"The current economic crisis is only going to soften the market, but the
interest in visiting Macau is only going to get stronger in the future,"
said Andy Nazarechuk, dean of the Singaporean campus of the University of
Nevada, Las Vegas.
The Singapore projects are going to be "the two most spectacular" in the
region, he added.
Malaysia's Genting International, which is behind Singapore's Resorts World
at Sentosa integrated resort, is sticking with its target of 15 million
visitors in the first year of operation when it opens in early 2010.
"We remain confident and optimistic about the prospects of Resorts World at
Sentosa," said Krist Boo, vice president for communications.
She added the company completed financing for the project in April. The
US$4.2 billion development is to include Southeast Asia's first Universal
Studios theme park.
Las Vegas Sands, which is building the other Singapore integrated resort,
declined to comment when contacted by AFP.
Sands operates three Macau casinos including the giant Venetian, which
opened last year with a gaming area the size of three football fields.
The Wall Street Journal reported early this month that Sheldon Adelson,
chief executive of Las Vegas Sands, had agreed to lend his company US$475
million of his own cash, in a sign of confidence that his company would
weather the global credit crunch.
The report quoted him as saying the company is pursuing with Asian banks
the financing of nearly US$2 billion needed for its latest Macau project.
Analysts said the global credit squeeze may make raising funds more
difficult for any project, not just gaming.
"Anyone who is lending the money will want to analyse how fast the money is
coming back," said Matthew Gorman, head of corporate practice with
Stephenson Harwood, an international law firm.
Canadian-based Asian Coast Development Ltd (ACDL), involved in a Vietnam
beachfront project it says will include the communist country's first Las
Vegas-style casinos, remains positive.
"We feel one of our biggest strengths in this regard is the fact that we
are planning a multi-phased development," said chief executive David
Subotic.
"Staggered construction schedules will provide us with the flexibility and
agility to deal with any economic challenges proactively."


0158 GMT [Dow Jones] Singapore banks at risk of credit losses from funding
Marina Bay casino-resort as operator Las Vegas Sands under financial
distress, says UOB KayHian. Notes U.S. gaming group''s US$8.8 million loss
in 2Q08, with debt/equity ratio at 3.9X while interest cover at only 0.83X,
share price down 88.3% year-to-date. All 3 Singapore banks among total of
19 lenders involved in S$5.4 billion credit facility for casino-resort,
with all 3 acting as lead arrangers. "We understand they are still holding
the bulk of term loans allocated. The only exception could be UOB as it
participated through UOB Asia, its investment banking arm." Says UOB could
have distributed portion of its term loans to some other foreign banks.
Downgrades OCBC (O39.SG) to Hold from Buy, cuts target price to S$6.55 from
S$9.80. OCBC off 4.9% at S$5.61, DBS (D05.SG) off 6.9% at S$10.80, UOB
(U11.SG) off 4.8% at S$13.82. (FKH)

via : http://www.bmw-sg.com/forums/lounge/28438-stock-market-rattles-las-vegas-sands-anyone-wanna-buy-up-marina-bay-sands-resort.html

[zuoom]

By Lim Wei Chean
Thu, Oct 30, 2008
The Straits Times



THE integrated resort (IR) at Marina Bay is unlikely to be fully open for business at the end of next year, sources have said.

An old British-built sea wall on its site, which stands on reclaimed land, is among the problems. It delayed foundation works by three to four months, and then a shortage of labour and the rising cost of building materials also created setbacks.

When the Marina Bay project was awarded to Las Vegas Sands in 2006, its top executives announced that the entire resort would be ready by end-2009 - a departure from the industry practice of opening such mega projects in stages.

Sentosa IR to delay parts of project

FOUR hotels, Universal Studios and the casino of the Sentosa integrated resort are set to open as scheduled in the first quarter of 2010.

But sources told The Straits Times that Resorts World at Sentosa is negotiating with the Government to defer the opening of the remaining facilities in the $6 billion resort.

The setback, The Straits Times understands, has arisen out of a pressing need to find storage space for the equipment for the 14 attractions in the Universal Studios theme park.

http://www.asiaone.com/Travel/News/Story/A1Story20081030-97060.html

============

[tags] Delays, Delayed, IR,

[zuoom]

Don't be surprised if the Integrated Resorts' opening is purposely delayed to a later date due to this financial and economic crisis.

Delaying its opening has a high costs because of the huge amount capital tied up (interests and opportunity cost of equity) but earning nothing.

This drastic action will only be taken if they think that it cannot even cover its marginal operating costs and opening it on schedule will have negative cash flows (i.e. without even taking capital costs and depreciation into account).

While casino business is called "recession-proof", it is still subject to the rate of wealth growth among potential customers.

A crisis like this has hitherto wiped out substantial amount of wealth of many people and will further impair their assets as it gets full blown eventually.

All the pre-crisis optimistic projections of business levels have to be thrown out of the windows.

via : http://www.celicasg.org/index.php?topic=4145.msg45360#msg45360

[zuoom]

[COLOR="Red"]Now you know why taxes are going up[/COLOR].....


Las Vegas Sands Doubles After Talks With Singapore (Update1)

By Beth Jinks

Oct. 29 (Bloomberg) -- Las Vegas Sands Corp. doubled in New York trading after the Singapore government said it was in talks with the casino company to help finish a $4 billion casino project.

The Singapore Tourism Board said today it's seeking to ``facilitate the success'' of the project in downtown Singapore. It didn't say if it would give financial assistance to the project.

Las Vegas Sands rose $4.80, or 97 percent, to $9.75 at 2:40 p.m. in New York Stock Exchange composite trading. It gained 122 percent earlier today, the biggest intraday increase since the Las Vegas-based company's 2004 initial stock sale.

``The Singapore Tourism Board is monitoring the situation and is aware that the current uncertain economic climate may give rise to concerns,'' the agency board said in an e-mailed statement. The tourism board said it was ``working closely'' with the company's Singapore unit, Marina Bay Sands.

Talks with Singapore follow the casino company's hiring of an investment bank last week to raise more capital with the help of billionaire Chief Executive Officer Sheldon Adelson. The stock fell 95 percent this year through yesterday, compared with the 36 percent decline in the Standard and Poor's 500 Index.

LVS spokesman Ron Reese didn't immediately reply to an e- mail seeking comment.

The surge may have been fueled by purchases of stock by short-sellers who needed to cover their positions when the stock initially gained.

Volkswagen AG, Europe's biggest carmaker, rose almost fourfold in Frankfurt trading this week after Porsche SE announced that it owns 42.6 percent and has acquired options to increase its stake to 75 percent.

The announcement spurred short sellers to buy from a shrinking pool of stock to close their positions, and Germany's financial-market regulator is investigating the trading.

``Gaming is a heavily shorted sector in need of a catalyst,'' Todd D. Jordan, a managing director at New Haven, Connecticut-based investment-research firm Research Edge LLC, said today in a note to clients.

To contact the reporter on this story: Beth Jinks in New York at mnol@bloomberg.net.

Last Updated: October 29, 2008 14:43 EDT

   Email this article  Printer friendly format

via : http://www.singsupplies.com/showthread.php?t=8088

=================

1 day chart

http://sg.finance.yahoo.com/q/bc?s=LVS&t=1d&l=on&z=m&q=l&c=

3 month chart

http://sg.finance.yahoo.com/q/bc?s=LVS&t=3m&l=on&z=m&q=l&c=

[zuoom]

[COLOR="DarkOliveGreen"]Las Vegas Sands say Singapore casino on track
Reuters - Friday, October 31

SINGAPORE, Oct 30 - Las Vegas Sands <LVS.N> plans to open its Singapore casino by end-2009 as scheduled despite a report that the project will be delayed, a Singapore-based company executive said on Thursday.
ADVERTISEMENT

"We continue to target the end of 2009 for the opening of Marina Bay Sands," George Tanasijevich, general manager of Marina Bay Sands, said in a statement.

His comments follow a report in the pro-government Straits Times newspaper on Thursday, which said the casino project was several months behind schedule due to construction issues and a shortage of labour.

According to the paper, event organisers said the casino had indicated that it would only accept bookings from April 2010.

Singapore legalised casino gaming in 2005 and licensed two multi-billion-dollar casino-resorts in a bid to attract more tourists and convention visitors.

The Marina Bay Sands is being built on reclaimed land near Singapore's central business district and is scheduled to open in late 2009. The second, Genting International's <GNTG.SI> Resorts World at Sentosa, is slated for completion in 2010.

Resorts World may also see a delay in the opening of some of its facilities although a casino spokeswoman said it was "on track" for a "soft opening" in 2010, the paper said.

The two casinos have been hit by higher construction costs since construction began, causing Genting to revise its costs for Resorts World up 15 percent to S$6 billion last year.[/COLOR]

If any has taken a ride on the flyer, we'd know that launch by end 2009 is just a hoax. the hardscape & structure has only just begun, while material costs & inflation continues to burn bigger holes in the developers & contractors pockets.

Realistically, even if its ready by Q3 2009, there's need for interior furnishing & all other M&E related matters. Lest we forget that all buildings need to be certified occupancy worthy by the relevant authorities as well as fire safety. Subsequently there's sure to be some fine tuning before staff can be operating within. There's also need for staff orientation & training, as well as many other pre-launch admin activities.

To complete by the end of Q4 2009 is still mission impossible. Unless, miracle happens, when they suddenly have * pots of gold to dispense, and construction can hire armies of workers to run 24/7 towards end 2009. Otherwise, all is but a dream.

*pots of gold - quite likely to be aids expedited from tax payers sweat & blood $

That's only for Sands Marina, would be beyond imagination if Resorts World faces similiar problems.

via : http://www.singsupplies.com/showthread.php?t=8232

============

from a confirm source, Sand's project in marina bay is currently experiecing a 6 week fall back from schedule. However, for a project this size, it is almost impossible to keep it on track, given that it takes coordination from many sub contractors. And you only need one guy to be sleeping on his job, to hold everything back. I am sure some other forumers in the construction industry will be able to attest to that.

form the financial point of view, they have not fall back on any interest payment. the loan is for 7 years. And upon completion, it would be converted to a amortize loan over a period of 3 to 4 years. They also paid good pricing to the lenders of the loan. At this point of time, there is no reason for banks to call the loan, there is no Event of Default to speak of.

[zuoom]

http://tw.news.yahoo.com/article/url/d/a/081101/2/18o14.html


邱義仁 旅支兌賭場籌碼
聯合 更新日期:2008/11/01 07:20 記者蕭白雪、蘇位榮／台北報導

國安會前秘書長邱義仁涉嫌以執行「安亞專案」名義，用領據向外交部領取五十萬美元的空白旅行支票，部分在美 國拉斯維加斯的威尼斯人賭場兌現；台北地方法院昨天依利用職務詐取財物罪，裁定邱羈押禁見。

邱義仁與調查局前局長葉盛茂是扁政府的兩大情報首腦，雙雙因扁案遭收押；邱義仁是扁家弊案被收 押的第八人。

法院裁定指出，邱義仁犯罪嫌疑重大，本案尚有共犯及證人未到案。由於本案是特偵組追查扁家海外資金時意外追 出，「共犯」是誰，備受注目。特偵組則查出，邱義仁執行的外交專案，至少三件有類似詐領公帑的弊端，有的是 以領據領取現金，流向不明。

邱義仁昨天提起抗告，並透過律師謝穎青表示，絕對沒有在國家機密外交預算上拿過一毛錢，放入口袋，並以「奇 恥大辱」形容他竟被收押禁見。對於檢方指控他詐取五十萬美元外交款，邱義仁不否認在收據上簽名，但強調這不 能證明他詐領這筆錢。

法院裁定邱義仁收押禁見的理由指出，邱義仁擔任國安會秘書長期間，明知外交部「安亞專案」經費已全部辦理完 畢，卻以國安會秘書長名義致函外交部長，謊稱為執行「安亞專案」，要求外交部再核撥所謂的第四期款五十萬美 元。

外交部收到函文後，由當時次長高英茂依邱義仁指示配合辦理。高英茂辦公室秘書將面額共五十萬美元的多張空白 旅行支票，送至邱義仁的國安會秘書長辦公室；數日後，邱提出一紙收據送外交部核銷。

邱義仁領取的空白旅行支票，後來部分在美國拉斯維加斯的威尼斯人賭場兌換籌碼，究竟是透過賭場洗錢，還是有 其他隱情，尚待調查；部分支票至今未兌現。裁定指出，邱義仁顯然未將五十萬美元用於「安亞專案」外交事務， 全數詐領得逞。

昨天在聲押庭中，法官提示多項邱義仁具名領取的機密工作經費，追問他流向。邱義仁表示「有的記不清楚」，有 些後續資金的流動紀錄，邱義仁無法合理解釋。


http://tw.news.yahoo.com/article/url...2/4/18p9q.html


巧合？ 邱義仁04年賭城兩度刷卡
中時 更新日期:2008/11/02 04:34 羅暐智／台北報導

前國安會祕書長邱義仁涉詐領五十萬美元旅行支票，國民黨立委邱毅昨日指出，二○○四年八月，邱義仁與時任國 安會副祕書長的柯承亨一同赴美，恰巧有兩筆刷卡消費，而其中一筆還是在女性內衣店「VICTO RIA’S SECRET（維多利亞的祕密）」。

特偵組懷疑，二○○四年，邱義仁謊稱執行「安亞專案」，詐領五十萬美元旅行支票，邱毅昨日出示邱義仁二○○ 四年的刷卡紀錄，質疑邱義仁當年八月在拉斯維加斯的威尼斯人賭場，將五十萬元美金旅行支票部分換成籌碼，再 換美金，就是在洗錢。

邱毅指出，邱義仁與柯承亨同行，並未攜帶太太同行，卻在女性內衣店「VICTORIA’S SECRET（維多利亞的祕密）」刷卡新台幣一千多元購物，這樣的行為令人匪夷所思。邱義仁的另一筆消費， 則是在知名精品店「BALLY」，花了新台幣一萬餘元購買皮件。

邱毅質疑，外交部撥款「安亞專案」的五十萬美金旅行支票，與邱義仁在拉斯維加斯將旅行支票兌換成籌碼、刷卡 消費，時間點太過巧合，邱義仁必須向檢方說明清楚。

http://www.skyscrapers.cn/city/na/us/lv/lv_skyscrapers_The_Venetian-all.htm

簡介


由拉斯維加斯金沙集團(Las Vegas Sands)主席Adelson全力策劃的威尼斯人項目，其概念是來自他與妻子九一年在義大利威尼斯度蜜月 期間，萌起建造一個以威尼斯為主題的大型度假村念頭。

與Sands Expo & Exhibition Center相連的威尼斯人於九九年四月正式開幕，總投資近18億美元(約140.4億港元)，堪稱目前( 計至2005年)全球投資最龐大的酒店、賭場綜合娛樂設施。

via : http://www.singsupplies.com/showthread.php?t=8403

[zuoom]

Hong ganz.... Tomorrow bank shares will dip further?

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3LkEU5mYSNw&refer=home


Las Vegas Sands Shares Plunge on Concerns Over Loan Default             
By Michael Nol


                                                                          Nov. 6 (Bloomberg) -- Las Vegas Sands Corp. plunged in early New York trading after saying it may be in default of some loans if it can't raise capital, threatening its ability to keep operating ``as a going concern.''     
        Las Vegas Sands dropped $3.46, or 30 percent, to $8.20 at 8:55 a.m. before the start of New York Stock Exchange composite trading.



        The casino company said in a regulatory filing today that it doesn't expect to meet a maximum leverage ratio covenant in the fourth quarter. That would trigger defaults that might force the company to suspend development projects and ``raise a substantial doubt about the company's ability to continue as a going concern,'' Las Vegas Sands said in the filing.



        To contact the reporter on this story: Michael Nol in New York at  mnol@bloomberg.net.     
                                Last Updated: November  6, 2008  09:03 EST

via : http://forums.vr-zone.com/showthread.php?t=337157&page=7

[zuoom]

Las Vegas Sands' Adelson Said to Meet With Singapore (Update1)

By Beth Jinks
Enlarge Image/Details

Nov. 7 (Bloomberg) -- Sheldon Adelson, the billionaire who controls Las Vegas Sands Corp., held talks with the Singapore government this week as the casino company struggled with a cash shortage that threatens a $4 billion casino development there, a person with knowledge of the meetings said.

Las Vegas Sands is seeking funding to stave off defaulting on loans while facing ``substantial doubt'' about its ability to survive as a going concern, the casino owner said today in a filing. Las Vegas Sands and government officials will publicly pledge to complete the project in Singapore, said the person, who declined to be identified because the information isn't public.

Las Vegas Sands plunged in New York trading yesterday, posting its biggest drop since going public in 2004 after saying it might default on loans arranged by Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc.

The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing that it probably won't meet lenders' requirements unless it cuts spending on developments, boosts earnings at its Las Vegas Strip casinos and raises more capital.

The Las Vegas-based company's dwindling cash flow might jeopardize $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.

Las Vegas Sands spokesman Ron Reese declined to comment on any negotiations. The Singapore Tourism Board said it had nothing to add beyond a statement on Oct. 29, when it said it was in talks with Las Vegas Sands to ``facilitate the success'' of the Marina Bay Sands project.

U.S. Development

The casino owner is also building the $800 million Sands Bethworks in Bethlehem, Pennsylvania, and a $600 million condominium complex in Las Vegas. Bethlehem's mayor John B. Callahan said today that Las Vegas Sands suspended work on construction of a hotel, conference center and mall to speed up completion of the casino there.

Las Vegas Sands dropped $3.81, or 33 percent, to $7.85 yesterday in New York Stock Exchange composite trading, the biggest decline since its initial share sale in December 2004. The shares have lost 92 percent of their value this year amid concerns that falling casino winnings and the global financial meltdown would leave the company short of cash.

Spending declines on the Vegas Strip and restrictions on visas in Macau have stemmed the flow of cash into Las Vegas Sands. Yesterday's admission came after the 75-year-old Adelson, who holds a stake of more than 64 percent, invested an additional $475 million in September to avoid violating the terms of a loan. He hired an unidentified investment bank to raise more capital with his help.

The casino owner said it doesn't expect to meet a maximum leverage ratio covenant in the fourth quarter. That would trigger defaults that might force it to suspend development projects and ``raise a substantial doubt about the company's ability to continue as a going concern,'' Las Vegas Sands said in the filing.

To contact the reporter on this story: Beth Jinks in New York at bjinks1@bloomberg.net
Last Updated: November 6, 2008 20:14 EST
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
via : http://www.mycarforum.com/forum/Casino_in_trouble_P2588644/#2588644

[wyv9]

Maybe I should be spending less now...

Stick to the CMI RE001...

[zuoom]

vince, tyres dun save.

if it's worn, please change it out. Singapore weather prone to heavy thunder rain. Standing water is common. Worn tyres vs. water equals aquaplaning.

not a good idea.

z.

[wyv9]

Actually, the tyres are still in good condition.  Used only for 1 years 3 months and 1 track event.

Reason that I want to change is for the upcoming track event as RE001 is not suited for track event especially in my heavy car.

Anyway, I think I will still go ahead and change lah... Just sulking a bit back there just now...

[Vorsprung durch Technik]

Just remind me of my recent change, safety is paramount and i swapped out my less a year old csc2 to ps2.

[wyv9]

Just remind me of my recent change, safety is paramount and i swapped out my less a year old csc2 to ps2.

Your CSC2 is stock from VW right? My friend PI GTI come with RE050A.

Is CSC2 that bad?