What happened in Macau certainly won’t happen here in Singapore. This project is fully-funded.
Bradley Stone, Las Vegas Sands Corp
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where does the funding money come from?
Of course, its our taxpayers money lah. Singaporeans don’t be a fool anymore, expect more weird things to happen soon. One minute Sand is in financial difficulty with the ongoing IR projects and next, they comes this morning on radio news, they are hiring tens of thousand jobs openings for all singaporeans, no skill needed as trainings provided. See how things can just turn around these days. Believe it or not, the MSM will be annoucing more and more GOOD STUFF and generate more smoke screen onto the people while the elites are now busy preparing for the snap (pow chiak)election with more walkover GRC. Vote them in again and get yourself slaughtered for another 7 years (2+5 new term) and get your childrens future screwed.
“One minute Sand is in financial difficulty with the ongoing IR projects and next, they comes this morning on radio news, they are hiring tens of thousand jobs openings for all singaporeans, no skill needed as trainings provided. See how things can just turn around these days.”
走火入魔 lah. When there is a big forest fire and you are on a dead end, you will throw whatever you have to save yourself, even if it is just one glass of water.
The FACT of the matter is, despite all the bloggers that get highlighted or spotlighted by the MSM, the alternativism , i wonder what is the real effect they bring?
Has any of these blogger formed a new alternative party?
or maybe remain as commentators behind the screen?
what is the reality? to help show more freedom of expression?
So did Sands’ funding come from the current government’s budget surplus?
Last night closing share price of Las Vegas Sand was only $1.99. That’s a huge drop from the hey days when their share price was above $100.
$1.99 really sounds like a CHEAP SALES.
4) Gomesindo Strikes again on March 6th, 2009 10.46 am
“Has any of these blogger formed a new alternative party?”
Patience my friend. Alternative parties are already there and they are doing their work already lah. Bloggers are doing some other kind of work lah.
Before going to war, you need all the time wasting rituals of war dance first to prop up morale and confidence. Different groups of people shall concentrate on different rituals lah.
“what is the reality? to help show more freedom of expression?”
You are damn right. To make noise and get heard lah.
If two casinos go bust, our 3 banks will lose more than 2 billions in loans, Genting International investors and local bankers will also lose bilions . God bless Singapore! Scrap the $100 entrance fee to save the casinos.
If I am Sands management looking at the 2 projects at Macau and SG knowing that I am short of money for both, what would I choose? Which govt has got track-record to allow casinos to fourish? Which place has immediate customers from the surrounding countries (Hint: The Chinese are complusive gambers. The Muslim teachings forbid gambling.)
Under normal circumstances, I would go to Macau, unless the SG govt gives me some sweeteners, e.g. relax terms & conditions of my bond, subsidised financing for the project, allow higher portion of IR revenue to come from the casino, lower betting tax etc etc.
Do be surprised if S’poreans will be kept in the dark.
Oops! Typo-error in 9)
DON’T be surprised if S’poreans will be kept in the dark.
Critics are people who speak/comment without having to bear consequence of actions or decisions.
Many of you (critics) who comment here do not even have a basic understanding of Singapore’s economy.
We are an export reliant country. This is a double edged sword as our economy is not hedged against recession (duh).
The policies of the government is to diversify Singapore’s GDP into lucrative pharmaceutical sectors as well as niche engineering such as oil rig control systems and construction.
However, despite constant efforts, diversification is not easy as we have very limited physical and human resources. The IR is a smart and calculated choice due to low intensity of rivalry in the region (I can’t be bothered to explain if you dunno why).
In the world of business, the end justifies the means. The IR is a right decision. I do not care how its done.
8) Peter Lim on March 6th, 2009 11.27 am If two casinos go bust, our 3 banks will lose more than 2 billions in loans.
Certainly agreed with the above point. Sand is fully funded by local banks that would mean not only local banks will suffer if things go wrong, even local contractors, suppliers and workers will suffer losses.
Maybe the IR is “fully funded” because most (or all) of the money to build the IRs is coming from S’pore itself?
As Sze Hian said in an earlier article on TOC:
“… the funding of the other IR is a record for Genting and one of the largest syndicated credit deals in Singapore’s banking history (”Genting secures $4.2b loans for S’pore casino“, Straits Times Feb 11).
“How much of the total of $9.2 billion financing for the two Integrated Resorts (IRs), syndicated by financial institutions in Singapore, will end up as money from Singaporeans, Singapore companies, Singapore financial institutions, and government-linked companies (GLCs)?
Was this issue ever discussed or made known to the public, during the “casino” debate, on the merits of the IRs?”
They can say whatever they like. The fate of this government is tied around these two centres of sin, and if they sink, we’re going to sink with them! Can you sense the bloody irony?!
How the hell did we manage to get ourselves in this predicament in the first place?!
“We are an export reliant country. This is a double edged sword as our economy is not hedged against recession (duh).”
We have been a trading port since British colony days; nothing wrong with that, and nothing to do with PAP.
So why do the our MPs have to draw astromical salaries, why our MM says our fortunes are tied to the world?
So why do the our MPs have to draw astronomical salaries, when our MM says our fortunes are tied to the world?
Kenichi ohmae said that it was a historic mistake by singapore to build the IR cause the “dirty” money from china will not be attracted here as singapore is too “squeaky clean” to quote adelson(boss of LV sands).Besides that, China has imposed restrictions on ppl entering Macau so macau is suffering now.
LKY had staked his reputation on the IRs (remember,he was supposed to be the one objecting to it). Now,he is riding the tiger on its back (like in the Citigroup saga). If Singapore has to fund the casinos,so be it, considering that the westerners are already taking over their banks.
Las Vegas already in shit with most new projects on hold. Gamblers are staying away.
Donald Trump’s casino group, and another group had filed for bankruptcy protection already.
Macao expension also on hold, Chinese from china also restricted. Casino in Aust also experiencing bad times.
What makes Singapore IR so special. A load of Bull !!!!
an assumption or a GURANTEE?
A teacher to aspiring vet students once said ” if a small dog swallow a big bone, it is ok, but if a big dog swallow a bigger bone, it is also ok”
The students are all puzzled initially and in the experiment that follows both dogs died when the bones are removed.
The teacher then said ” see, I told you the two bones are still ok”
They are pinning a lot of hopes on the IR, but the bigger their expectation, the more they will fall…and will the MIW walk right smack into a wall?
Looking at the way the IR projects are handled, no doubt the PAP Government is a protectionist.
there will be bailout surely if anything happen.
if lvs is traded in sgx can buy their shares surely very safe.
but tax payer money will be used.
we are not mp. we cannot change any law.
just hope real good mp from any party can help us.
‘fully funded”
What abt cost over-runs?
‘fully funded” — until banks pull back credit lines?