Chairman Sheldon Adelson announced that the new Singapore development will be delayed until January or February due to there being difficulties getting the needed construction materials such as sand and steel. The company had originally scheduled the new Marina Bay Sands to open in December. The resort is one of the first two casinos to be allowed in Singapore.
“We can’t control the flow of sand to make concrete, the availability of steel or the availability of labor,” he said at a press conference in Singapore.
Singapore is looking at the worst recession in decades, just like many other countries, and they are hoping that allowing casinos will pump new blood into their tourist industry. The Las Vegas Sands has also seen cutbacks due to the economy and is looking forward to the new revenues that the Singapore development could bring into the company coffers.
The Sands had to halt work in Macau last fall and lay off over 10,000 workers. Just last week, the company laid off almost 200 workers at their Las Vegas casinos, the Venetian and Palazzo. Chairman Adelson has said that the figures so far this summer were above expectations.
“Our results in June were significantly higher than what we expected,” Adelson said. “Our projections for the summer, while slower than previous summers, are also somewhat ahead, and we’re adjusting our internal forecasts almost every week.”