Opening of Marina Bay IR delayed

Opening of Marina Bay IR delayed
Dec 22, 2009 - PropertyGuru.com.sg

The Marina Bay Sands Integrated Resort will open its first phase of operation by mid-April 2010, instead of February, as earlier announced.

About half of the integrated resort, including the casino and most of the restaurant units, will open by the end of March. The entire $5.5 billion IR project is expected to be completed by the end of next year, said Sheldon Adelson, chairman of Las Vegas Sands.

Job training for newly hired staff will only begin in January, he said. About 12,000 to 14,000 people are needed to run the entire IR. 85 percent of hired employees are Singaporeans.

The Marina Bay Sands, one of two casinos being constructed in Singapore, was scheduled to start operating this month. However, Mr. Adelson said in July that the opening of the casino would be postponed until February next year. But, heavy rains and bankruptcy of some of its sub-contractors have further pushed back its opening, said Mr. Adelson.

Mr. Adelson told reporters on Monday that it was only a “minor delay”. “We are in this not for a day or a week, but for decades. So the delay of a day or a week is nothing. If we are going to do it, we are going to do it right.”

The other casino project, Resorts World at Sentosa, is expected to open its first phase by Q1 of next year, said a spokesman from project developer Genting International. When asked about the profit projection for the said project, Mr. Adelson said the company expects around US$1 billion annually before deducting taxes, interest, amortisations and depreciation expenses.