Resolution of credit issues should lead to more open disclosure of Singapore timeline.
As we wrote earlier this week, we have been hearing that LVS’s Singapore opening will be pushed back to June/July from the January/February period that Sheldon Adelson has been mentioning. We think that, liquidity issues being resolved, a more reasonable timeframe will be outlined and investors will be notified that the property will open once it’s “ready”. The pressure of needing extra EBITDA to comply with tight covenant hurdles will be relieved and the company will guide to a 2Q10 opening. For a late February opening, LVS would need to open 50% of the non-gaming gross square area. According to construction crews on the site, a February opening would require everything to go exactly right (no weather delays, no construction issues, no issues with subcontractors, etc.).
