The Wall Street Journal, 14 Nov 2008, COSTAS PARIS
SINGAPORE -- Despite assurances from the developer, Singapore is looking for ways to avoid ending up with a mammoth unfinished project on a prominent piece of land if U.S. casino operator Las Vegas Sands Corp. is unable to complete a $4.9 billion gaming venture.
"This is supposed to be the new revenue source for Singapore, and we are faced with a situation where the developer and operator will delay the completion at best or could end up unable to fulfill the contract. There are alarm bells all over the place," said a person familiar with the matter.
"Singapore government officials are making contingency plans if the financing falls through, said the person familiar with the matter, who didn't elaborate. "They are looking for a plan B if things turn sour. They won't allow a huge construction hole in downtown Singapore," this person said."
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