Singapore Lending No Help To Las Vegas Sands For Casino Project
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It has not been a good couple of months for the Las Vegas Sands Corp.. They have watched their stocks plummet and have had to stop their expansion plans in Macau.
During these hard times, the company has placed an emphasis on finishing the project that they started in Singapore. The $2.7 billion project will not receive a bail out from the Singapore government if Sands should fall short of financing for the project, according to Trade Minister S. Iswaran.
On Tuesday, Sands shares fell to $5.34. that is a decrease of nearly thirty three percent. The company met the news with the announcement that they have priced a public offering of 181.8 million common shares at $5.50 a share.
The company is trying to raise $2.14 billion in new capital to give some stability to the company. While they are continuing their Singapore project, many are wondering if the project will ever be completed.
“Las Vegas Sands is in desperate need of financial assistance. They have already stopped several projects and if they do not receive financial assistance, the Singapore project will be stopped as well,” said analyst Gregory Stercker.
If the Singapore project is stopped, it could signal that the end is close for the company. “What they are doing will probably determine whether or not the company actually goes under or whether it can remain as a going concern and as a viable company,” said Sumit Desai, a gaming analyst at Morningstar.
GTECH Creating Gambling Monopoly In Kansas With Latest Score
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The state of Kansas has taken a long time to put in place casinos in the state. Since they were approved, the Kansas Lottery Commission has taken their time in awarding contracts to operators of the five casinos that are on the horizon.
On Wednesday, the Commission took steps towards those casinos becoming a reality when they announced they had awarded a contract to GTECH Corp. to run the central computer system that will control slots at the casinos.
GTECH moves closer to having a monopoly on all gambling in the state of Kansas. They already operate the online games and terminals for the Lottery, although their have been some mistakes made by the company in regards to the Lottery.
The operating system reported the wrong winning numbers back on June 29th and 30th and July 1st. The state had to pay out the correct winning numbers as well as the numbers that were reported incorrectly. The state has not yet decided what they will charge GTECH for the mistake.
The new contract has nothing to do with the mistakes that were made, a point that was pointed out by Executive Director of the Lottery, Ed Van Patten. “We converted to a new gaming system and the software they used in the conversion was defective. It was totally unrelated to the new contract. They are a different division in the company,” he said. GTECH beat out their only competition which came from Scientific Games Corp.. “It came down to two excellent systems and what we could negotiate on price and other bells and whistles,” said the Lottery’s Gaming Director, Keith Kocher.