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No indication of default from Las Vegas Sands: DBS Group

10 November 2008

SINGAPORE -- As reported by Agence France Presse: "US gaming firm Las Vegas Sands intends to finish a casino project it is building in Singapore and there are no indications it will default on loans, lender DBS Group said Friday.

"DBS is one of 40 banks that formed a syndicate to fund the Marina Bay Sands casino development, which is estimated to cost more than four billion US dollars.

"'All signals I'm getting from the management of Las Vegas Sands is that they intend to finish the project and move on,' DBS chief executive Richard Stanley said at a news conference on the bank's third quarter earnings.

"'I have to accept what they say and I have seen in recent days a strong commitment to the project from Las Vegas Sands... There's been no default, there's been no indication of default,' he said, adding there was no need to provide for loan provisions..."

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