Casino Gambling Web
It seemed like such a good idea at the time, and may soon turn out to be such. The casino projects, however, for Las Vegas Sands and Genting International in Singapore are costing much more than both companies planned to spend.
“The cost of construction has gone up to the point where these companies are experiencing high costs, much more than they anticipated going in. Still, when the casino resorts are complete it should pay off ten fold for both Genting and Las Vegas Sands,’ said observer Brent Flacco.
For Sands, the original estimate for them to build their Marina Bay casino resort in Singapore was $3.2 billion. That figure is not even close to where they are now. The company first revised their estimate to $4.5 billion, and now again has raised the estimate to $5.4 billion.
Genting is in a little better shape as far as their estimates go, but they are still over budget. Originally, Resorts World at Sentosa in Singapore was to cost S$5.2 billion. That has now been upped to S$6.59 billion. The resort is currently on schedule to open early in 2010.
The credit crisis has not helped either company in their current position. Singapore is adding the two new resorts in the hopes of creating a stronger tourism industry. They are hoping to double their current visitor base, but that seems a little far fetched.