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SINGAPORE: The two firms building integrated resorts (IRs) in Singapore have requested for approval from the government to open their projects progressively.
Senior Minister of State for Trade and Industry S Iswaran told Parliament the government is considering the requests from Resorts World at Sentosa and Marina Bay Sands.
Resorts World at Sentosa is scheduled to be open by early 2010. But physical constraints at the site have led the IR to request to open its doors in stages.
Channel NewsAsia understands this is because they are facing a lack of storage space for their bulky theme park ride equipment.
Marina Bay Sands, which is supposed to complete its development by the end of next year, has made a similar request.
Mr Iswaran said: "The project has made good progress to date, despite the resource constraints arising from a tight construction sector. The current financial turmoil has introduced additional challenges for the parent company of Marina Bay Sands."
He has reassured Parliament that if the requests are granted, the two IRs will not just open as stand-alone casinos.
He also warned that the business of the IRs may be hit by the global financial crisis, although it is too early to determine the exact impact.
"It is, however, premature to try to ascertain in quantitative terms what the exact impact will be, given the volatility in the economic environment. What we do know is that both IRs remain optimistic that their product offerings will draw visitors from their target market segments."
Mr Iswaran said the two IRs have already secured project financing in Singapore. He added that, on the government's part, the Singapore Tourism Board will continue to work closely with both IRs and monitor the situation.
- CNA/yt
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