Singapore Democrat, 11 Nov 2008
"Ring-fenced" is the term financiers are using to describe the tumult taking place in Las Vegas Sands (LVS), which means to say that LVS' Singapore project, Marina Sands, will not be dragged down the drain even if the Las Vegas company goes bust.
Yes, like how Singaporeans were repeatedly assured that the Suzhou Industrial Park Project was in the pink of health right up until we packed up and handed over operations to the Chinese.
Ring-fenced or no, the lack of details on the loan to LVS is cause for worry. To be sure, the Singapore casino's future hinges on the one in the desert of Nevada. If parent Sands is going to get mired in financial and legal problems - or worse, files for Chapter 11 - who is going to take care of baby Marina?
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