4 December 2008

Channel NewsAsia
Singapore Airlines to resume Bangkok flights Friday

SINGAPORE: Singapore Airlines (SIA) will resume flights from Bangkok's main international airport on Friday, the airline said, after protesters ended an eight-day blockade of the regional aviation hub.

The first SIA flight from Suvarnabhumi international airport to Singapore will leave Bangkok early Friday afternoon, the airline said.

Foreign carriers had been using the Vietnam War-era U-Tapao airport, southeast of Bangkok, during the blockade by Thai anti-government protesters but SIA said it will stop its U-Tapao flights Thursday night.

Thai Airways operated the first international flight out of Suvarnabhumi on Wednesday, and a spokeswoman for the Thai airports agency said normal operations will resume on Friday.

SIA urged customers to be patient, saying "some delays may be expected" with the airport newly reopened.

SilkAir, the regional wing of Singapore Airlines, will now operate just one additional flight to the Thai resort destination of Phuket as Bangkok capacity increases, SIA said. The extra flights will continue until Sunday, it said.

Singapore-based Jetstar Asia, which had been using U-Tapao, said its service to Suvarnabhumi will resume Friday evening.

Tiger Airways, also based in Singapore, said on its website that it plans to resume some Singapore-Bangkok flights on Friday, "subject to confirmation by the Thai authorities that Bangkok airport has resumed normal operations."

The Singapore foreign ministry said late Tuesday that it had helped 490 of its nationals leave Thailand through U-Tapao, Phuket or the northern Thai city of Chiang Mai, leaving about 120 Singaporeans still stuck in Bangkok.

4 December 2008

Asia One
Longer hours, more tenants at Bugis Street

RECESSION or not, the revamp of street-shopping location Bugis Street to make it more vibrant is going full steam ahead.

In conjunction with Singapore Tourism Board?s Late Night Shopping project, it now opens until 11pm every Saturday - one hour later than it used to. It will also open three hours earlier at 10am daily.

The number of tenants - from clothes shops to cafes - will also increase to 800 over the next year. At present, there are 600 tenants.

Malaysian actresses and former MTV VJs, twin sisters May and Choy, have also been appointed as its first ambassadors.

Said Ms Cindy Lee, marketing and communications manager of Bugis Street: "With the launch of Late Night Shopping and the twins as ambassadors, we hope to increase awareness of one of the city's most popular shopping landmarks."

A calendar, featuring May and Choy in clothes from retail outlets at the street market, has been put together to mark the changes.

Proceeds from its sale will go to the Lupus Association of Singapore.

4 December 2008

The Straits Times
Good service star

This star-shaped symbol is the latest accreditation programme initiated by the Singapore Tourism Board to highlight retail shops, restaurants and nightspots with top-notch service to locals and tourists.

WATCH out for this pink star if you want good service.

The Singapore Tourism Board (STB) on Thursday rolled out a new accreditation programme to certify businesses which have consistently delivered top-notch service. They will get a decal to display on their shop windows.

This star-shaped symbol is the latest accreditation programme initiated by the Singapore Tourism Board to highlight retail shops, restaurants and nightspots with top-notch service to locals and tourists.

It is modelled after a successful scheme run by rival Hong Kong Tourism Board, called the Quality Tourism Scheme, which recognises shops that offer outstanding service.

The Singapore Service Star was unveiled by Minister for Trade and Industry Lim Hng Kiang at Clake Quay nightspot Bellini Grande on Thursday evening.

Over 300 companies spanning the three sectors have earned the right to display the star symbol prominently in their shop fronts.

To qualify, they have to pass through mystery shopping audits by an external party and score 70 out of 100 or above industry average, whichever is higher. They must also not have been blacklisted by STB or the Consumers Association of Singapore (Case) in the last two years.

Mr Lim, in unveiling the scheme, said: ''Members of the Singapore Service Star can take pride in this mark of accomplishment which sets them apart from other establishments in the industry.

'Furthermore, members will also enjoy benefits such as customised training programmes and be given opportunities to participate in study trips abroad for greater exposure to top service organisations. Through continued emphasis on service delivery, training and inculcation of best practices, we aim to build up a culture of service excellence in local establishments, such that service quality becomes synonymous with how we are Uniquely Singapore.'

Mr Lim said the recent global economic slowdown underscores the need for businesses to not only deliver quality goods but also provide quality service.

'We would like to encourage businesses to take this as an opportunity to regroup and rethink, and invest in capability development to improve service quality,' he added.

'Whether it is in the retail, F&B, transport, entertainment or hotel industries, higher service standards will drive repeated visits and induce a higher propensity to spend. This will catalyse faster growth, better positioning ourselves for the eventual recovery. "

He referred to the Tourist Perception Survey conducted by the STB earlier this year, which found that service quality ranked high as a key driver of tourist satisfaction, and in fact surpassed other factors such as variety of products and value for money.

Tourists were observed to place extra emphasis on reliability of products and assurance of product quality, together with good service, product knowledge, and responsiveness to customer needs.

Assistant Professor Marcus Lee, academic director of the Institute of Service Excellence at Singapore Management University, said the decals are a way for tourists unfamiliar with the local market to 'help guide their choice of service provider.'

In the most recent 2007 STB survey of 1,000 tourists on their perception of service here, over 90 per cent said they would feel more confident in going to a store recognised by a quality scheme.

STB director of service quality Neeta Lachmandas said:'Consumers today are increasingly sophisticated, well-travelled and discerning, and it is only natural that they have heightened expectations when it comes to service quality.

4 December 2008

The Straits Times
Let the music play on

THE good news: Music fans can still party on to plenty of gigs come January and February despite the gloomy economic outlook.

After a bumper year of music draws, they will not have to go cold turkey as the first quarter of next year promises concerts by major acts like nu-soul singer Duffy, pop-indie duo The Ting Tings, electro-punks The Prodigy, new wave pioneer David Byrne and indie band Stars.

More acts like emo rockers Fall Out Boy and veteran crooner Rod Stewart are on their way, say concert organisers.Industry insiders are confident that concertgoers will still be willing to shell out for top-draw artists to entertain and distract them from the economic doldrums.

Ms Laurrieta Alabons, owner of LAMC Productions who is bringing in The Ting Tings and The Prodigy, says: 'We don't know yet how the recession will affect the business, but hey, we all still need some form of entertainment and enjoyment.'

Arts venue the Esplanade is going ahead with its two annual major music festivals in the first half of next year: Chinese alternative music fest in::music from January to February and eclectic music fest Mosaic in March.

This year's Mosaic drew a record 97,000 people over more than 100 shows.

Producer Amy Ho says: 'In this time of anxiety, it is important that we keep our community's spirits up with more inspiring presentations.'

The bumper crop of concerts this year, which ran the gamut from rock legends The Police and R&B princess Alicia Keys to Britpop rockers Manic Street Preachers and funk stalwart George Clinton, is set to continue next year.

Mr Luke Hede, director of bookings for concert promoters Live Nation Asia, says: '2009 is business as usual - we have big plans for the region and hope to bring more large international shows to Singapore.'

Live Nation Asia brought in pop icon Elton John, pop idol Kylie Minogue and hip-hop star Kanye West this year - concerts which pulled in crowds ranging from 6,000 to 11,000. He says that judging from the success of its shows, 'the live market in Singapore seems to be growing steadily'.

Concert organisers did not want to divulge details on profits but the number of concerts organised this year has, in general, increased from 2007.

The Esplanade, for example, reports an 11 per cent increase in the number of popular concerts that they organise. LAMC organised nine concerts this year, up from six last year.

While fans were spoilt for choice with the range of acts, one dampener was rising ticket prices which was a common complaint.

Premium tickets for The Police, at $600 a pop, were among the most expensive ever.

It is a point acknowledged by the promoters themselves. Mr Michael Hosking, chief executive of Midas Promotions, says: 'Sadly, I think the most significant change in the concert scene in Singapore has been the escalating ticket prices.'

He blames the price hike on the artists as the general decline in CD sales worldwide have resulted in 'artists increasing their fees as opposed to promoters trying to rake in more profits'.

Midas organised the two-day music festival Singfest in August which drew 17,000 people and saw 36 international and local pop and rock acts at Fort Canning Park. It was a success but pricey tickets which ranged between $150 and $350, were a sore point with some audience members.

But organisers are well aware that, with an economic recession ahead, gigs could be one disposable luxury people may go without.

4 December 2008

TODAY
MFA advises S'poreans to avoid non-essential travel to India

SINGAPORE: Singapore's Foreign Ministry (MFA) advises Singaporeans who do not have a pressing need to travel to Mumbai to postpone travelling there to a later date.

Responding to media queries on the situation in Mumbai, the MFA spokesman said Singaporeans should also avoid all non-essential travel to India.

He added that Singaporeans intending to travel to India should closely monitor news developments there.

Should they decide to travel, they are advised to register with the MFA at www.mfa.gov.sg.

When in India, Singaporeans are advised to take the necessary precautions for their personal safety.

All Singaporeans travelling abroad are also encouraged to purchase comprehensive medical and travel insurance.

4 December 2008

Channel NewsAsia
New service accreditation for businesses in Singapore

SINGAPORE: Businesses which provide outstanding service will now get a special mark of accreditation from the Singapore Tourism Board (STB).

The Singapore Service Star was launched by Trade and Industry Minister Lim Hng Kiang on Thursday. The scheme rewards businesses with good service, in order to inspire the industry towards service excellence.

Mr Lim said Singapore now ranks 10th out of 134 countries in the Global Competitiveness Index's "Degree of Customer Orientation", which measures a company's responsiveness to customers' needs.

This is an improvement from the 17th position three years ago.

A Singapore Service Star decal will be given to nightspots, F&B joints and retail outlets that have achieved better-than-average scores in mystery shopping assessments.

Surveys conducted by the Tourism Board showed that 90 per cent of tourists feel confident in patronising stores recognised by a quality scheme. Service quality is also ranked as a key factor in gauging customer satisfaction.

Neeta Lachmandas, director, Service Quality Division, STB, said: "It's very, very important for businesses to remember that service quality is really linked to a business' bottomline. Service quality can be the differentiator and it can breed a very loyal set of customers as well."

Currently, more than 300 establishments have joined the scheme ? a number which the Tourism Board hopes will grow to 2,500 by end-2013.

Members under the scheme include Larry Jewelry, Haagen Dazs, Marks & Spencer and 211 Roof Terrace Cafe.

STB will provide updated information on customers' expectations and perceptions, based on regular surveys and mystery shopping results, to help Singapore grow as a premier tourist destination.

4 December 2008

Channel NewsAsia
S'pore is 12th most expensive city in Asia

SINGAPORE: Singapore is the 12th most expensive city in Asia, according to a global survey on cost of living by international human resource company ECA International.

The country jumped 27 places, and is one of Asia's biggest movers.

Hong Kong was ranked 6th, while Tokyo took the top spot.

For the first time, Beijing overtook Hong Kong as the most expensive Chinese city.

The survey noted that the cost of living for Asian cities such as Beijing, Hong Kong, Singapore and Taipei has gone up in the past year due to fluctuating currency and inflation rates.

Cities all over the world are reeling from exchange rate fluctuations brought on by the economic crisis.

This in turn has a big impact on the average costs of living for expatriates.

Living costs in Hong Kong are now approximately 15 per cent higher than in Singapore, an increase from 12 per cent last year.

According to ECA International, the last two months have seen goods and services in Hong Kong swing from being 10 per cent cheaper than in London to being almost 10 per cent more expensive.

Beijing is now three times more expensive than Singapore compared to last year, while cost of living for foreigners visiting Korea and Singapore is now almost on par.

One of the wildest swings is in Japan.

Goods and services in Japan are now 68 per cent more expensive than in Singapore.

This is up from 43 per cent in September last year.

The unravelling of the carry trade resulting in the strengthening of the Japanese yen is mostly to blame for this.

In contrast, Islamabad is the cheapest location in Asia.

Goods and services there are 70 per cent cheaper than in Japan.

In Europe, Moscow is the most expensive location, replacing Oslo.

The weakening of the pound has seen central London off the list of the world's top ten most expensive cities.

ECA's survey is carried out twice a year and compares a basket of 125 consumer goods and services commonly purchased by expatriates in over 370 locations worldwide.

4 December 2008

The Wall Street Journal
Asia's Tourism: Boon and Bane
Low-Cost Countries With Popular Spots Better Off Than Others

SINGAPORE -- Recession in major economies around the world has hit Southeast Asia's pivotal tourism industry, but increased domestic and regional travel by cash-squeezed travelers based in Asia means some countries will be hurt less than others.

WHO GAINS: Changing travel habits could prove a boon for budget carriers such as Tiger Airways, as well as low-priced hotels.

Governments around the region are cutting forecasts for income as both long-haul tourists and business travelers get increasingly cost-conscious. That is a problem because tourism accounts for a hefty 6% or more of most economies in Southeast Asia.

Still, some low-cost countries with attractive tourist spots and large homegrown populations should lose out less.

"People may find it increasingly attractive to travel within the region, and countries like Malaysia and Indonesia will benefit from that," said CIMB-GK economist Song Seng Wun.

Changing travel habits could also prove a boon for the region's budget carriers such as Tiger Airways, AirAsia Bhd. and Jetstar, as well as low-priced hotels.

"We are already seeing a trading down by businesses, which is benefiting us," said Mark Lankester, chief executive officer of Tune Hotels, a low-cost provider of accommodation owned by the founders of AirAsia.

Demand for rooms from business and leisure travelers at the company's two hotels in Malaysia is strong and the company hasn't delayed plans to open 100 hotels by 2011, including in Bali, Phuket and Jakarta.

"We feel confident we will be able to maintain the high occupancy rates that we currently do in the new hotels," Mr. Lankester said. The occupancy rate for both hotels is about 80%, the company said.

Indonesia's Tourism Society expects the country to suffer from the economic slowdown. It forecasts foreign tourist arrivals of 6.1 million to 6.2 million this year, below the government's target of seven million though still above 2007's total of 5.5 million arrivals. The government, meanwhile, is still targeting eight million arrivals in 2009.

Malaysia, where tourism contributes 7% of gross domestic product, will also suffer given that neighboring Singapore, the source of half of the country's international visitors, is in recession.

"The outlook for 2009 remains unclear at this stage. At best it will remain close to the 2008 figure," said Ngiam Foon, president of the Malaysian Association of Tour and Travel Agents.

For this year, Malaysia now expects to receive 22.5 million tourists who should spend an estimated 55 billion ringgit ($15.2 billion), up from 20.9 million visitors who spent 46 billion ringgit in 2007.

But analysts said there could be an increase in domestic vacations as more residents choose to travel locally rather than overseas.

The Philippine government has warned, too, that it isn't likely to meet tourism revenue targets for this year.

Last year, a record 3.1 million tourists visited the Philippines, contributing around 3% of the country's GDP. Philippine Tourism Secretary Ace Durano forecast that 2008 arrivals will probably increase 5% to 6% instead of the targeted 8% to 10%.

"With some mature markets in recession and the possible contagion going into next year, we know international travel will soften, so what we're trying to do now is ensure that total demand -- combined local and international -- will still be up to support the ongoing expansion in the local tourism industry," he said.

Some said the pessimism on regional tourism is overdone and that failure to reach ambitious 2008 targets is less worrisome than it looks.

"When the targets for 2008 and 2009 were set, they were based on numbers achieved in 2007, which was a very strong year for Asian economies and the travel industry," said Alvin Liew, an economist with Standard Chartered.

And weak regional currencies should help some travelers worried about their budgets. As of Monday, for example, the rupiah was down 24% against the U.S. dollar this year while the ringgit had slid 9% and the peso 16%.

The government of Singapore, a key financial center and a stopover for travelers going elsewhere, has warned that arrivals and income from tourism will fall short of this year's targets of 10.8 million people and 15.5 billion Singapore dollars (US$10.2 billion) In October, visitors to the country fell 8% from a year earlier, to 843,000.

That has already prompted hotel chains to slash rates by as much as 30%, according to local press reports. Singapore's hotels recorded about S$178 million in room revenue in October, down 0.3% from a year earlier and the first drop in almost three years.

Tourism in Thailand, which in 2007 had 14.8 million visitors, naturally is getting seriously impacted by political unrest that for the past week severed Bangkok's busy air links with the world.

While the city's two airports are now expected to be functioning normally by Friday , the way hundreds of thousands of people have been stranded or inconvenienced by the shutdowns will have a lingering impact on tourist numbers. Dozens of countries have issued warnings to avoid traveling to Thailand.

Indian tourism, too, faces a downturn after the terror attacks in the commercial capital of Mumbai.

3 December 2008

Channel NewsAsia
CATS musical returns to S'pore in April 2009

SINGAPORE: Fans of the musical CATS can once again enjoy some feline fun when the show returns to Singapore in April next year with a sparkling international cast.

The Andrew Lloyd Webber musical was last staged in the republic in 1993.

CATS tells the imaginative tale of the Jellicle Cats and their life stories as they reunite at an annual ball.

The cast, from New Zealand, Australia and the UK, had trained under Gillian Lynne, the original Westend musical's choreographer.

In an apt precursor, musical director Paul White could not resist re-acquainting the audience with the great lyrical genius of Andrew Lloyd Webber.

New Zealand's dazzling export, Delia Hannah, has played the role of "Grizabella" numerous times in over four different productions of CATS.

For the past six years, she has taken time off to raise her daughter Grace. But going back to show-biz has been a juggling act for her with her husband also touring with the musical "We Will Rock You".

She said: "I actually ask my daughter's permission if I could go and do what Daddy does. I said 'Darling, I think I'll miss your birthday?and she replied ‘Mummy, don’t worry. You've been to all my other birthdays so I think you can miss this one.?quot;

CATS will be staged at the Esplanade next year from April 10 to May 3. - CNA/vm

3 December 2008

Sun2Surf
A merry sweet Xmas
Singapore offers a sweet family deal for tourists to enjoy the yuletide season

WELCOME to Christmas Candy Wonderland! Yes, the Lion City beckons with its yearly Christmas Light-Up as part of its annual highlights of Christmas in the Tropics.

Themed A Sweet Christmas in Singapore, this year marks the 25th year that Orchard Road has been lit up for Christmas and the lights will stay on till Jan 2 next year.

The light-up ceremony, held at Ngee Ann City Civic Plaza, was officiated by Singapore Speaker of Parliament Abdullah Tarmugi together with Hitachi Ltd chief executive (Asia) Shunsuke Ohtsu, Hitachi Ltd chairman emeritus Dr Tsutomu Kanai, Singapore Tourism deputy chairman and chief executive Lim Neo Chian, and National Social Service president Kwek Siew Jin.

In tune with this year’s theme, the whole 4km-long stretch of Orchard Road and 1.6km of Marina Bay have been transformed into a fantasy candy wonderland. Conceptualised by creative director Dick Lee, the area features a landscape adorned with colourful gumdrops, lollipops, candy cane street-lamps, delectable cupcake houses and giant doughnuts ?all lit up in multicoloured lights at night.

The Sweet Family ?Mr and Mrs Sweet, their three children and pets ?will be featured on limited edition products such as squeeze doughnuts, chocolates and eco-friendly bags. In fact, the Sweet Family will be making appearances on Orchard Road to meet and greet shoppers and to pose for photographs with them.

"Christmas in the Tropics will be extra special this year," said Geraldine Yeo, director of Leisure Marketing and Events Management, Singapore Tourism Board (STB). "With the special Sweet Family merchandise and themed activities, as well as celebratory events, special promotions and shopping deals, we hope that visitors will have an enjoyable experience of Singapore during the Christmas season."

Traditionally, the month of November and December are peak season for the tourism sector. Last year, Singapore received close to 1.8 million visitors ?an increase of 5% over 2006. STB is quietly confident of higher tourist arrival this year despite the gloomy outlook of the global economy.

"Even though the global economy is going through some uncertain times now, we hope that the events and promotions will not only heighten the buzz of the yearend festivities by making Singapore a more attractive holiday destination but also help to end the year on a sweet note for visitors."

The Christmas Light-Up continues to receive the corporate support of Hitachi. "The Christmas Light-up has been an important event in the Hitachi calendar since 1991," said Shunsuke. "Christmas is a season of giving, and through this event, the Hitachi Group in Singapore had raised enough funds to sustain about 150 social service programmes. We always strive to be sweet to the community where we belong,"

A roving drummer band will also drum up some festive spirit along the street and the Christmas Village at Plaza Singapura will feature a singing Christmas tree.

Meanwhile, sweet-making demonstrations will be held in ‘sweet huts?along Orchard Road where shoppers can indulge in treats like ice cream or traditional sweets such as dragon beard and ting ting candy.

Besides that, shoppers can contribute to charity by helping to complete a 3m by 1.8m mosaic picture of the Sweet Family at Tong Building. For every donation they make, mock sweets will be added on to the mosaic.

From now till Dec 25, there will be nightly performances at various locations along Orchard Road featuring choirs, mime performers, carollers and dancers among others.

The celebrations will culminate on Christmas Day with a grand concert in front of Ngee Ann City Civic Plaza starting at 8pm.

Orchard Road all alight with colourful lights.

30 November 2008

Channel NewsAsia
Aviation shifts into new era with opening of S'pore-KL route

SINGAPORE: The Singapore-Kuala Lumpur route is opening up fully on Monday, with new services to East Malaysia. Passengers will finally be able to enjoy a slew of new flights and free-falling fares as airlines compete for business.

Low-cost carriers got one foot in the door in February with a partial opening up of the market after decades of domination by flag carriers Singapore Airlines (SIA) and Malaysia Airlines (MAS), with fares as high as S$400 for a half-hour flight.

But such a limited opening quickly became both a boon and bane.

Tony Davis, CEO of Tiger Aviation, said: "Many people like going to KL for a day trip or short break where they can go in the morning and come back in the evening. That hasn't been very easy with just one flight a day.

"Now we can increase frequency up to five flights a day. It will take a bit of time for people to get used to the fact that they can fly for the price of a bus ticket."

With daily flights set to double, more choices and frequency may well encourage people to plan for more short trips, despite the economic downturn.

Chong Phit Lian, CEO, Jetstar Asia, said: "We think that with the school holidays and the disruption in Bangkok, more people will go to KL for short breaks or a shopping and makan trip."

New destinations like Kuching and Kota Kinabalu have been added, with carriers eyeing lucrative locations like Penang next.

The opening up of the market comes at a good time, during the festive period of Christmas and New Year. However, analysts have cautioned that it could be a challenging time for carriers after the first quarter of 2009.

Shukor Yusof, aviation analyst, Standard & Poor's, said: "The only negative would be that right now, people are scaling back on travel. What we can see is even a full-service airline like MAS has jumped onto the low-cost model and they've been pushed into that position."

As the number of passengers scales down globally, fares may well make the crucial difference as carriers battle it out.

27 November 2008

Travel Daily News
The airline connects Singapore to Nanning
Singapore Changi Airport welcomes Shenzhen Airlines

Singapore Changi Airport welcomed Shenzhen Airlines?inaugural flight to Singapore this evening. ZH9073, from Nanning, the capital city of China’s Guangxi Zhuang Autonomous Region, arrived at Changi Airport’s Terminal 2 at 1715hrs. Guests onboard the maiden flight were warmly received at a welcome ceremony organised by the Civil Aviation Authority of Singapore (CAAS).

Shenzhen Airlines will operate four weekly scheduled flights every Wednesday and Saturday between Singapore and Nanning. With the commencement of services by Shenzhen Airlines, Singapore is now connected to 23 cities in China via 416 weekly scheduled flights.

CAAS?Director-General and Chief Executive Officer, Mr Lim Kim Choon said, “Shenzhen Airlines?commencement of operations to Singapore comes at an opportune time. China is currently Singapore’s third largest passenger market with 2.53 million passenger movements in the first 10 months of 2008. It is also the second largest source of foreign visitors for Singapore with 930,000 Chinese visitor arrivals for the first 10 months of 2008. I therefore urge Shenzhen Airlines to capitalise on this momentum by expanding its operations at Changi Airport, and to pave the way for new flights from other Chinese cities to Singapore.?

27 November 2008

Travel Blackboard
Singapore Sets the World’s First ISO Standard for the Exhibition Industry

Singapore has set the world’s first international standard for the Global Exhibition Industry with the completion of the International Organisation for Standardisation (ISO) 25639 ? International Standard for Exhibition Terminology.

This first ISO standard for the global exhibition industry will help facilitate clearer communication among industry players and minimise ambiguity over the terms used.

ISO 25639 will enable companies to better determine which exhibitions and tradeshows around the world would be better able to showcase their products or services.

Advocating a common reference for the evaluation of exhibitions, the ISO 25639 allows for greater transparency.

Exhibitors and visitors will have more confidence in the credibility of the show statistics and information presented in exhibition marketing brochures and media publicity.

This will help raise the service standards and professionalism of the global exhibition industry (Please see Annex A).

Senior Minister of State for Foreign Affairs, Dr Balaji Sadasivan announced the completion of ISO 25639 at the Approved International Fair (AIF) Awards Gala Dinner.

“This is indeed a significant milestone for Singapore, as it is not only the first ISO standard for the global exhibition industry but also the first time that a Singapore Standard has been accepted by the ISO as the basis for development of an international standard for the exhibition industry…the pivotal role that the Singapore exhibition industry played in initiating the development of the ISO 25639 is an example of the increasing influence that our companies have globally. These achievements will certainly help seal Singapore’s position as a frontrunner in the global MICE industry,?he said.

In 2007, business and MICE visitors accounted for close to three million of total visitor arrivals, and contributed over S$5 billion (40%) of the total tourism receipts.

Under the Tourism 2015 masterplan, the Singapore Tourism Board (STB) aims to raise the total tourism receipts from the business travel and MICE sector to S$10.5 billion.

“This is a milestone achievement for the global exhibitions community, a strong testament to the high standards of the exhibitions industry in Singapore and an affirmation of our standing as a leading exhibition hub in Asia.

“It also signifies the industry’s collective commitment to uphold a unified set of benchmarks, and help us surmount the challenges faced by the global exhibitions industry amidst the current economic uncertainties,?says Mr Lim Neo Chian, Deputy Chairman and Chief Executive of the STB.

Mr Png Cheong Boon, Chief Executive of SPRING Singapore said, “Singapore developed the first national standard in the world for the exhibition industry, SS505, five years ago. We are pleased that this has contributed significantly to the development of the ISO 25639, the first international exhibition standard.

“It shows that our exhibition industry is of high quality and has good international standing. Hence, our industry players are well-equipped to implement the new ISO standard and meet the high demands of the global exhibition market.?br>
 “ISO 25639 will enable industry players in Singapore and around the world to better communicate our strengths, values and qualities to exhibitors, visitors and partners alike, in this increasingly global arena.

“Despite our relatively short history, our exhibition industry has played a significant role in this international initiative. Our contributions would have surely boosted Singapore’s standing as a premier MICE destination,?said Mr Stephen Tan, Project Leader of ISO Project Committee on Exhibition Terminology, and Chief Executive of Singapore Exhibition Services Pte Ltd

Mr Edward Liu, President of SACEOS (Singapore Association of Convention
& Exhibition Organisers & Suppliers) said, “SACEOS is delighted that our efforts in the development of the national standard for the exhibition industry in Singapore has resulted in its internationalisation and Singapore’s leadership in the development of ISO 25639. Going forward, SACEOS will implement the new ISO guidelines aggressively and will introduce training programmes to bring our members up to speed with the new terminology in the marketplace."

ISO 25639 provides definitions of 58 essential terms used by the industry as well as guidelines on measurement procedures for the defined terms.

This ensures consistency in the understanding of the terms throughout the exhibition industry, which includes exhibition organisers, contractors, venue operators, freight forwarders, exhibitors and auditing firms.

SACEOS with its members, representatives from the Singapore exhibition industry, SPRING and the STB, collaborated closely to put forward Singapore’s position in the development of ISO 25639.

The ISO 25639 is the culmination of nearly four years of close collaboration by Singapore with sixteen other countries under the ISO umbrella.

SPRING has also supported and facilitated the development of Singapore Standard 539 on guidelines for the safety and operational management for indoor exhibitions, which was led by the Singapore exhibition industry partners.

It provides recommendations on safety, health and environmental issues, and covers processes and procedures for indoor exhibitions, from building up to dismantling.

The completion of ISO 25639 was announced at the prestigious AIF Awards

Gala Dinner, an event jointly organised by STB and SACEOS.

27 November 2008

938 LIVE
SIA says flights to Mumbai operating normally

SINGAPORE: Singapore Airlines (SIA) says flights in and out of Mumbai are operating normally for now.

But spokesman Stephen Forshaw said there was a slightly higher no-show rate than normal on Thursday morning's flight.

He said this is expected as passengers take time to assess what is going on. SIA's office in Mumbai will be closed today.

Mr Forshaw said reservations inquiries are being supported by SIA's office in Delhi.

Passengers travelling from Mumbai especially should allow extra time to get to the airport, as the normal road blocks and security checks have been tightened.

26 November 2008

Channel NewsAsia
S'pore tour bookings to Bangkok down due to turmoil in Thai capital

SINGAPORE: The unstable political climate in Thailand has shaken the confidence of some Singapore travellers. Travel agents said year-end tour bookings for Bangkok have dropped by at least 20 per cent this year compared to last year.

Bangkok is losing its appeal as the land of smiles and for some Singaporeans, the latest airport closure was the last straw.

Alicia Seah, senior VP, Marketing and PR, Commonwealth Travel Service, said: "We have about 60 passengers departing for Thailand in the coming weeks and the immediate impact is that about 20 customers, mainly to Bangkok, have either called us to change or cancel their trips."

The travel agent also extended hotel stays for 10 customers currently stuck in Bangkok.

It has also seen a downward trend in year-end bookings between September to December for the Thai capital, from 800 in 2007 to 150 in 2008.

Ms Seah continued: "The current political climate is detrimental to the tourism industry in the long run and for travel agencies like CTC Holidays, we'll be diverting our marketing efforts to promote and channel our customers to visit other destinations such as Hong Kong, Macau, Vietnam, Indonesia, Philippines, and Malaysia. I think we need to diversify to cater to the needs of Singaporeans."

But another agent still has confidence in Bangkok's tourism appeal.

Peggy Chung, deputy GM (Outbound), Hong Thai Travel, said: "The market is still strong for Singaporeans. All along, Bangkok has its attractive hotels, shopping and eating. These are all Singaporeans' favourites. So we're still confident of pushing the itinerary to all Singaporeans."

The company has offered its Bangkok travellers a chance to postpone plans or change to other destinations and it has yet to receive any cancellations. - CNA/vm

26 November 2008

Travel Blackboard
Singapore Tourism announces new Regional Director
 
Singapore Tourism Board officially announced its new Regional Director Oceania last night at a cocktail function held at the Four Seasons Hotel in Sydney.

Kevin Leong, the current Regional Director Oceania, welcomed his replacement Chooi Yee-Chong who will officially take up the role next year in January.

Chooi has had many years of experience in the tourism industry, specifically the aviation industry, where he has previously held the position of Head of Commercial at Jetstar Asia.

After introducing Chooi, Leong then took the time to thank all the Australian travel operators and media that helped the Singapore Tourism Board garner its success as well as make his 6-and-a -half years as Regional Director enjoyable.

Leong pointed out that Australia is currently Singapore’s largest western market with 73,000 visitor arrivals in September 2008 alone, ranking Australia as Singapore’s second largest market overall.

Chooi then took the stage to welcome his new colleagues and confirm his commitment to the Board.

He said 2009 would see many challenges ahead with the credit crunch, global economic crisis and significantly weakened Australian dollar.

However, Chooi believed the tourism industry would bounce back “ever stronger than before? citing that Singapore still remained a top 10 destination for Australians.

When Chooi enters the Board in January, Leong will take up his new position as Senior Director for International Marketing.

26 November 2008

Channel NewsAsia
MFA urges Singaporeans to postpone travel to Bangkok

SINGAPORE: The Ministry of Foreign Affairs (MFA) has urged Singaporeans to postpone their travel to Bangkok to a later date if they have no pressing need to go there.

An MFA spokesman said the situation in the Thai capital remains uncertain and the ministry is closely monitoring the situation. He added that Singaporeans intending to travel to Thailand should monitor news developments there.

And before they travel, they are advised to register with the ministry at www.mfa.gov.sg.

This will enable the ministry and the Singapore Embassy in Bangkok to contact them and render necessary consular assistance in case of emergencies.

When in Bangkok, the ministry advised Singaporeans to avoid areas where there is a risk of disturbance, like the Government House.

They should also take the necessary precautions for their personal safety, including buying comprehensive medical and travel insurance.

It added that during this period of uncertainty, Singaporeans must be prepared to face inconveniences in their travel.

And should Singaporeans need help, they can contact the Singapore Embassy in Bangkok at 129 South Sathorn Road, Bangkok 10120, or call 001-66-(81)-844-3580.

They can also reach MFA's duty officer at 6379-8800 or 6379-8855.

26 November 2008

Channel NewsAsia
Visitor arrivals, tourism receipts to fall short of 2008 targets

SINGAPORE: The Singapore Tourism Board (STB) has said the country's visitor arrivals and tourism receipts are expected to fall short of this year's targets.

STB had targeted 10.8 million visitor arrivals and S$15.5 billion in tourism receipts for 2008. But the latest figures for October showed a further decline in the tourism industry.

Visitor arrivals to Singapore last month reached 843,000, a drop of 8.1 per cent compared to October last year.

Indonesia, China, Australia, India and Malaysia were Singapore's top five visitor-generating markets, accounting for 51 per cent of total visitor arrivals for the month of October.

Singapore's hotels also saw a 0.3 per cent drop in room revenue compared to October last year.

The average occupancy rate was estimated to reach 82 per cent in October, a decline of 6.8 percentage points from a year ago. But the average room rate last month was estimated at S$241, up 8.4 per cent over October 2007.

Meanwhile, STB said since June this year, Singapore has seen a drop in visitor arrivals, reflecting the impact of the current global economic slowdown on consumer sentiments and discretionary spending.

STB said it will continue its efforts to increase visitor spending during the year-end festive period.

26 November 2008

The Straits Times
Tourist arrivals dip 8.1%  

STB, in a statement, attributed the decline in visitor arrivals since June to the 'impact of the current global economic slowdown on consumer sentiments and discretionary spending.'

TOURIST arrivals to Singapore dipped in October for the 5th month in a row, according to latest figures released by the Singapore Tourism Board (STB) on Wednesday.
The downturn, due to the global economic crisis, has hit the hotel industry especially hard, with the sector's estimated revenues declining for the first time since February 2005.

STB statistics show 843,000 travellers visited the country in October, down 8.1 per cent from a year ago.

The decline was especially sharp among visitors from Indonesia, China and Malaysia, Singapore's top tourist markets. But five countries - Australia, India,Vietnam, Germany and Philippines - bucked the trend, with more visitors coming here than last year.

The STB blamed the global economic downturn for the tourism slowdown, saying it has dampened consumer sentiment and cut into discretionary spending.

Travel agents said high fuel surcharges and unfavourable exchange rates have hit markets like Indonesia hard. Chinese travellers have been hampered by restrictions on outbound visas imposed by Beijing.

The STB announced earlier that Singapore is unlikely to meet the tourism targets for 2008, which included 10.8 million visitors and $15.5 billion in spending.

For the first time in almost three years, estimated hotel revenue declined in October, compared to the same period last year. Last month, Singapore hotels raked in about $178 million in room revenues, a dip of 0.3 per cent from last October.

Average room rates rose 8 per cent from last year to reach just over $240 a night. But the average occupancy rate dropped about 7 percentage points to 82 per cent.

Hotels across the island have been forced to slash their rates, some by as much as 30 per cent.

If October was bad, November, December and beyond are not looking much better, said hoteliers.

26 November 2008

Xinhua
Visitor arrivals in Singapore down 8.1% in October

Visitor arrivals to Singapore dropped 8.1 percent to 843,000 in October from a year ago due to the global economic slowdown, said the Singapore Tourism Board (STB) on Wednesday.

October's visitor days were estimated to reach 3.3 million, a growth of 1.7 percent as compared with the same month last year, the STB said in a statement.

Indonesia (157,000), China (76,000), Australia (76,000), India (67,000) and Malaysia (54,000) were Singapore's top five visitor-generating markets. These markets accounted for 51 percent of total visitor arrivals for the month.

Hotels in Singapore were estimated to record 178 million Singapore dollars (about 117 million U.S. dollars) in room revenue in October, down 0.3 percent over the same month last year.

This month's average room rate was estimated at 241 Singapore dollars, representing an increase of 8.4 percent from a year earlier.

The average occupancy rate for hotels was estimated to reach 82percent, posting a 6.8-percentage-point decrease.

Singapore has seen decline in visitor arrivals on-year from June. The STB has said the tourism sector is likely to fall short of this year's target of 10.8 million visitors.

26 November 2008

Business Standard
Singapore Tourism Board targets tier-II cities to fuel growth

Singapore Tourism Board (STB) plans to target tier-II cities, including Jaipur, Chandigarh and Jalandhar, for bolstering the growth of tourist arrivals in the city-state.

STB Area Director Northern and eastern India, Pakistan, Bangladesh and Nepal Kenneth Lim said that the board, besides pitching aggressively in primary markets like Mumbai, Chennai, Delhi, Pune and Bangalore is planning to comb the market potential of tier-II cities like Jaipur, Chandigarh, Mohali, Jalandhar and Lucknow.

"India is the third largest inbound market for visitor arrivals to Singapore contributing 8 per cent of the total visitor arrivals. We aim to take this figure to double digit. However, the rate of growth in Indian visitors to Singapore has been consistently around 14 per cent year on year," he said.

There were 8,16,000 visitors during June 2008, a decline of 4.1 per cent relative to the same month last year.

In the first half of 2008, total tourism receipts by global visitors to Singapore were S$6.5 billion recording a 0.2 per cent decrease over January to June 2007.

This accounts for 42 per cent of the S$15.5 billion tourism receipts set for this fiscal. Figures released by STB showed that Indonesia (1,67,000), China (1,05,000), Australia (80,000), India (63,000) and Japan (47,000) were the top five visitor-generating markets, which accounted for half of the total visitor arrivals for July.

26 November 2008

Bernama
Tourist Arrivals To Singapore Down 8.1 Percent In October 2008

Tourist arrivals to Singapore in October 2008 fell by 8.1 percent to 843,000 compared to a year ago, according to latest figures by Singapore Tourism Board (STB) Wednesday.

However, there was an increase of 1.7 percent in visitor days which were estimated at 3.3 million days in comparison with October 2007.

In October last year, about 917,000 tourists visited Singapore.

STB said Singapore's top five visitor-generating markets were Indonesia with 157,000 visitors, China (76,000 visitors), Australia (76,000 visitors), India (67,000 visitors) and Malaysia (54,000 visitors).

These top five markets accounted for 51 percent of total visitor arrivals for the month, STB added.

But markets that registered growth were Vietnam ( 26.9 percent), India ( 12.2 percent), Germany ( 8.7 percent), the Philippines ( 6.1 percent) and Australia ( 1.3 percent).

The board said since June this year, Singapore had been experiencing a decline in visitor arrivals and this reflected the impact of the current global economic slowdown on consumer sentiments and discretionary spending.

Visitor arrivals and tourism receipts were expected to fall short of the 2008 targets of 10.8 million and S$15.5 billion respectively, STB said.

However, the board said it would continue its efforts to increase visitor spending during the year-end festive period.

Singapore gazetted hotels were estimated to generate S$178 million in room revenue, representing a decline of 0.3 percent last month compared to October 2007.

24 November 2008

Asia One
Anime and toy fests may merge

TWO inaugural festivals - the just-concluded Anime Festival Asia, and June's Singapore Toy and Comic Convention - may be merged into one big event next year because of the overlap in target audience.

This is the talk circulating among industry insiders yesterday.

After all, the two events at Suntec Convention Centre draw a similar crowd: Young adults who are manga or comic fans and toy collectors.

An industry insider who declined to be named said a merger would "combine the best of both worlds".

The anime fest drew Japanese pop-culture aficionados while the toy fest attracted a more Western-inclined crowd.

At press time, anime fest organisers I-Promo and Dentsu Singapore were tallying final attendance figures. Festival director Shawn Chin, 35, said: "We are very happy with the turnout, which is within our expectations of 80,000 people."

The two-day toy convention attracted 140,000 people. But unlike at the toy fest, retailers of high-end toy merchandise at the two-day anime fest suffered a dip in their takings. Sales of figurines by exhibitor Movie Replicas Collection, for example, were down by 20 per cent.

Owner Vincent Chee, 35, said: "The highest transaction this time was $500, compared to the $2,000 a customer handed over at the toy fest. Maybe customers are watching their wallets because of the economic downturn."

Still, those selling computer video games did a brisk trade.

Mr Gary Lim, 32, manager of Funzsquare, said: "People are forking out anything from $5 to $700 for our products. Response has been really good."

When asked to comment on the possible merger, a representative from toy-fest organiser, Play Imaginative, said that they are "open to discussions".

24 November 2008

Asia One
Covered walkways will spoil Raffles Place 
 
I REFER to the letter, "No shelter in Raffles Place" (my paper, Nov 21).

The park above Raffles Place MRT Station is a key public space within the financial district, and provides a green lung amid the surrounding buildings.

The construction of covered linkways across this open space to the two ground-level MRT station entrances is not encouraged as this will negatively impact the sense of space and openness in the area, thus affecting the public's enjoyment.

Convenient and seamless pedestrian connectivity is an important consideration in the Urban Redevelopment Authority's (URA) city-planning and urban- design efforts.

URA has guided the implementation of a series of direct basement-level connections from the concourse of Raffles Place MRT Station to a number of buildings around the area.

For example, the station is directly connected underground to adjacent buildings such as Republic Plaza, OUB Centre and Chevron House.

The series of underground network connections also enables pedestrians to connect all the way to One Raffles Quay and One Marina Boulevard at one end, and Six Battery Road at the other.

These underground connections are supplemented by an extensive network of covered walkways at ground level between all the buildings in the area, including The Arcade, Clifford Centre and the buildings along Collyer Quay.

Together, the above- and underground network of walkways ensures that there is an all-weather sheltered pedestrian route provided from most of the buildings in Raffles Place to the MRT station.

URA has also planned for a comprehensive underground pedestrian network leading from Raffles Place MRT Station to Marina Bay.

When all the developments in Marina Bay are completed, pedestrians will be able to enjoy a seamless 1.9km walk underground from Raffles Place MRT Station to the Marina Bay Sands integrated resort via One Raffles Quay, The Sail, and the upcoming Marina Bay Financial Centre.

This extensive network is part of URA's plans to make the city centre more pedestrian- friendly, so that visitors can enjoy all-weather comfort through a network of pedestrian connections linking developments around MRT stations and in between buildings.

Where applicable, the authority has guided developments to incorporate knock-out panels to facilitate future expansion of the underground network.

I hope that this addresses the writer's concerns regarding pedestrian connectivity in the Raffles Place area.

Mr Andrew David Fassam
Deputy Director (Urban Planning & Design)
Urban Redevelopment Authority

24 November 2008 

Asiaone       
Kids-free getaways close to home 

Thanks to the troubled economy, Singaporeans are switching to staycations as a good way to take a break - without breaking the bank.

The word "staycation" is a combination of the phrase "stay-at-home" and "vacation", and it means taking a holiday, close to home.

Hotels my paper spoke to said that up to 20% of their guests are locals or Singapore- based expatriates.

This year, in particular, there has been an increase in the number of people who take staycations.

"More are getting away from the hustle and bustle of hectic city life without actually travelling overseas, and without straining their pockets, because they save on airfare," said Mr Ben Bousnina, general manager of the Rasa Sentosa Resort.

And more hotels are catching on to the trend, with some like The Fullerton Hotel and the Scarlet Hotel offering perks for staycation-goers (see sidebar).

At the Rasa Sentosa, a five-star luxury resort that first opened its doors in 1993, special rates are on offer, starting from $370, for local holiday-goers.

23 November 2008

TIMES
Singapore sizzles with the best street food

‘Street food?doesn’t have to mean ‘rat on a stick? Not in Southeast Asia’s spiciest city

Anthony Capella: world on a plate

Any country that bans chewing gum can’t be all bad, particularly when the same controlling attitude also created some of the world’s most vibrant street food.

Decades ago, Singapore’s bureaucrats decided every food vendor in the country must be inspected, licensed and ultimately moved off the streets into designated eating zones.

What might sound like heavy-handed officialdom resulted instead in an explosion of culinary brilliance as each of Singapore’s many cultures ?Chinese, Malay, Indian and the local hybrid known as Pera-nakan ?vied to outdo each other in quality.

Today, there are more than 40,000 food hawkers crammed into this tiny island, all licensed and remarkably safe, many serving dishes that exist nowhere else in the world.

Wandering down Smith Street, in the midst of Chinatown, you’ll encounter vendors selling simple skewers of chicken, lamb or shrimp, barbecued in front of your eyes over a brazier of crackling charcoal embers and served with a spicy peanut-and-pineapple sauce ?six skewers cost about £3.

At the stall next door, you could sample fried carrot cake: not actually a cake at all or made of carrots, it’s a patty of rice flour and shredded white radish, stir-fried with garlic, eggs and sweet soy sauce. Or, if you’re feeling more adventurous, try a fish-head curry ?a bowl of grouper heads from which you pick the cheeks, lips and eyes (the connoisseur’s choice), the whole thing simmered in a spicy red gravy with okra and tomatoes. Whichever you choose, simply pay and take your purchase to a nearby table, where someone will appear to offer you chopsticks and drinks, and even clear up when you’ve finished.

Different areas specialise in different dishes. On the East Coast, you’ll find seafood hawkers ?the unofficial national dish, chilli crab, originated here in the 1950s, when Madame Cher Yam Tian set up a stall on the beach, cooking live crabs bythe light of a kerosene lamp. On the West Coast, all of 30 miles away, you’ll find dishes more Indonesian in style, such as otak-otak ?fresh mackerel pounded and marinated with coconut milk, ground chilli, onions, lemongrass, blue ginger and turmeric, the whole mixture wrapped in a fresh banana leaf and left to sizzle over hot coals.

In the middle of the island are Chinatown, Little India and areas such as Gey-lang, originally the Malay enclave. But wherever you go, you’ll find a profusion of styles and flavours unlike anything you’ve ever eaten before. Where to feast: ease yourself in with a visit to the air-conditioned 900-seat food court on Orchard Road, the main shopping street ?although you may still need to queue for Thye Hong’s char kway teow, a fiendishly complicated stir-fry of noodles, beansprouts, fishcake and Chinese sausage.

But before you leave Singapore, do as the locals do and go on at least onemakancrawl in an area such as Balestier Road, where dozens of vendors offer different versions of bak kut teh?pork ribs in a garlic broth. The one sold by 333 is highly recommended ?although, confusingly, it’s now situated at number 325. But that’s the street-food spirit: if in doubt, just follow your nose. What to drink: rather than alcohol, try one of the carbonated soft drinks made by Yeo’s, such as chrysanthemum tea, coconut juice, sugar cane or grass jelly ?the last one complete “with cooling bits of jelly? Most Western tourists stick to Diet Coke, the sweetness of which actually works quite well with spicy food.

When to go: June and July are the hottest months, although the humidity is generally a greater problem than the heat. Autumn and winter see a succession of festivals, from the Muslim Hari Raya to the Chinese Lunar New Year ?a great advantage of having such a mixture of cultures is that there’s generally some sort of celebration going on.

23 November 2008

The Electric New Paper
Too pricey and sterile for tourists?

VISITOR arrivals have fallen for the fourth straight month and the situation could get grimmer. This year's target of 10.8 million tourist arrivals will not be met given the state of the world's economy.

Perhaps there is nothing much we can do about this. But there is something that needs to be addressed, whether we are in good times or bad.

For a lot of tourists, shopping is still a major attraction in Singapore. And these days, our shops are full of stock, but not so full of customers.

So, how do our prices compare? Are tourists getting value for money here?

An airline cabin crew friend of mine researched the pricing of a basket of tourist buys including a camera, laptop and music system and found that we are not cheaper than Hong Kong or Thailand.

An example: A JVC DVD HiFi system was $59 cheaper in Stanley Street (not much haggling required) in Hong Kong and $34 cheaper in Bangkok.

Then my younger daughter trawled Sim Lim for a Sony digital camera. Three shops demanded an additional $30 for an international guarantee. But she finally got her guarantee card stamped and paid nothing more for it.

Surely, this is not the way to give tourists a Uniquely Singapore experience.

The Singapore Tourism Board (STB) needs to do more to crack down on errant retailers and make shopping here enough of an attraction for visitors.

Staging the F1 race was a brilliant coup, but a weekend isn't going to feed the baby, so to speak.

Here's one idea: How about getting tourists into a pasar malam? A lot of them will enjoy the haggling and the fun of an open market atmosphere.

Anyone who has been to Bangkok's vibrant Chatuchak street market will tell you that it is an exciting place where you can and should bargain.

And when we do have something colourful on our streets, we don't seem to be selling it as we should. At this year's Thaipusam, I walked the length of Serangoon Road. There were more locals in the busiest parts than visitors. A pity, I thought. A missed opportunity.

By the way, I am perturbed by the STB's invitation for volunteers to be a Uniquely Singapore Friend. They would have to commit at least 96 hours a year, and what is in it for them?

These days, many are struggling just to earn a living. I hope they are at least provided with a cup of tea. Then, what about transport to and from home, and dare I suggest, some pocket money, too?

22 November 2008

Zandavisitor
Singapore Zoo Opens Rainforest Kidzworld

Singapore - Singapore Zoo officially launched its latest attraction, Rainforest Kidzworld, a children’s discovery area which creatively fuses fun and exciting features. The three-hectare revamped area takes the place of Animal Land and Play Land.

“This is a very momentous and exciting occasion for us at Wildlife Reserves Singapore as children will have a special place at Singapore Zoo where they can learn and have fun. The team at the Zoo has worked very hard to make this an engaging and adventurous endeavour, with a creative infusion of educational elements,?said Ms Claire Chiang, Non-Executive Chairman, Wildlife Reserves Singapore.

Learning the fun way
The new attraction not only promises fun-filled activities for children, it also incorporates learning and educational elements to invoke an early appreciation for animals and plants among young children. Highlights include a Kampung House with nooks and crannies to discover, a Creature Plants section which features plants with animal names, a petting corner, Rainforest Challenge (an obstacle course for young children), paddocks for the ponies and falabellas (a kind of miniature horse), a Birthday Pavilion, Wild Animal Carousel, pony and horse carriage rides and the central Water Play area.

Creative interpretives have been thoughtfully placed throughout the attraction, especially around the animal-centred areas, making for interactive learning. Daily keeper demonstrations and contact sessions are also held throughout the day where children are encouraged to get up close and personal with domestic animals such as dogs, goats, guinea pigs and rabbits. The education department has also collaborated with Ministry of Education’s Teachers Network to develop activity books for upper and lower primary students.

“At the Zoo, we will always try to introduce novel ways where families can bond and enjoy a meaningful time together through exhibit upgrades and new attractions. The new activity books will help young visitors learn more about animal conservation and nature in an interactive manner,?said Ms Fanny Lai, Group CEO, Wildlife Reserves Singapore.

Planned and conceptualised in late 2006, the construction of Kidzworld took approximately 12 months to complete. Visitors to the park can expect a more interesting pony ride, as it now travels an undulating path or families can go for a leisurely trot on a horse carriage, which takes them along the periphery of Rainforest Kidzworld, and in view of the pristine Seletar Reservoir.

With the main feature themed like a wet animal wonderland, the Water Play area has many water-spouting points dotting the playground where waves of fun are ready to be explored. Children can also zoom from one point to another via the Cableway or get insights on how to groom a falabella at the keeper demo area at the paddock
Since its inception in the early 1970s, Singapore Zoo has evolved from being a Viewing Zoo to a Learning Zoo offering an extraordinary fun experience, outdoor classroom style, amidst nature. The Zoo’s success formula has been recognised by the Singapore Tourism Board, through its nine time win of the ‘Best Leisure Attraction Award? Recently, Michelin Green Guide awarded Singapore Zoo a three-star rating, the highest recommendation for visitors to visit.

ABOUT WILDLIFE RESERVES SINGAPORE
Wildlife Reserves Singapore (WRS) is the parent company of award-winning attractions Jurong BirdPark, Night Safari and Singapore Zoo. WRS strives to be a world-class leisure attraction, providing excellent exhibits of animals and birds presented in their natural environment for the purpose of conservation, education and recreation. Last year (2007), Jurong BirdPark served 900,000 visitors, the Night Safari, more than 1.1 million visitors and Singapore Zoo welcomed more than 1.5 million visitors. WRS parks have been conferred the Best Leisure Attraction Experience Award at the Singapore Tourism Awards 18 times. The record achievement affirms WRS parks?status as Singapore’s premier leisure venues. In the areas of conservation and research, WRS parks have undertaken multiple projects, which focus on species such as the oriental pied hornbill, pangolin and orangutan, through collaborations with various organisations and institutions. This year conservation efforts include hosting a regional Asian pangolin conservation workshop. Two WRS parks, Night Safari and Singapore Zoo are designated wildlife rescue centers, and Jurong BirdPark is the designated official rescue Avian Centre by the governing authority.

ABOUT SINGAPORE ZOO
Set in a rainforest environment, Singapore Zoo's world famous "Open Concept?offers the opportunity to experience and be inspired by the wonders of nature. Home to over 2,500 specimens from 315 species, 16% of which are threatened, the Zoo has attained a strong reputation internationally for its conservation initiatives and breeding programs. To better meet the healthcare needs of its animals and working towards its aspiration to become a leading global centre of excellence for veterinary healthcare and research, a purpose-built Wildlife Healthcare and Research Centre was set up in March 2006. In 2007, 1.5 million visitors enjoyed the experiential learning experience at the 28-hectare award-winning Zoo. Singapore Zoo is part of Wildlife Reserves Singapore. The Zoo is designated a wildlife rescue centre by the governing authority.

22 November 2008

The Star
Tiger Airways to boost tourism in Sarawak

KUCHING: Sarawak expects a 30% increase in arrivals from Singa­pore following a fourth airline servicing the Singapore-Kuching route.

State Tourism and Urban Deve­lop­ment Minister Datuk Michael Manyin said if the state could tap 3% of the seven million tourists from Europe, Japan, South Korea and Australia visiting Singapore annually, it would help boost its tourism industry.

He was speaking to reporters after welcoming 177 passengers on board the Tiger Airways inaugural flight that landed at the Kuching International Airport on Thursday afternoon.

The other airlines providing the Singapore-Kuching direct service are Malaysia Airlines, AirAsia and SilkAir.

Last year, Sarawak recorded some 33,000 visitors from the republic.

Sarawak Tourism Board chief executive officer Gracie Geikie urged local hoteliers to offer special rates to visitors from Singapore to reciprociate what their counterparts had done for visitors from Sarawak.

She said the state has about 5,500 hotel rooms of three-star status and above.

Geikie said 3,000 more rooms would be ready in the next two years with the completion of several new hotels here.

21 November 2008

The Nation
Singapore's festival for all at an arts centre for everyone

WHEN I first visited the Esplanade: Theatres on the Bay in Singapore in October 2003, a year after its opening, my first impression was the design and the technical specifications of its two main venues, the theatre and the concert hall - the number of seats, their distance to the stage, the size of the stage, the acoustics.
I remember walking to the library, whose speciality is performing arts, and found that it was, and still is, the most comprehensive of its kind in Southeast Asia. I also noticed that there were many local people there studying for exams or simply reading.

During my subsequent trips to "the Durian", I noticed more. Almost every time I was there, I saw groups of young kids in uniforms, some of them obviously only in kindergarten, and that's a good sign for the future. Free, small-scale performances are presented almost every day, including in the small caf?in the library. This is quite different from the fact that the Esplanade comes to the attention of arts audiences in Thailand only when a touring production of Broadway musical, some of which bypass Bangkok, stop by, or when the Esplanade is a venue for hire.

And although the Esplanade is a performing arts centre, visual arts exhibitions are staged all year round, not only in exhibition rooms but also in the main lobby, as well as along the underground pathway that connects the centre to the MRT station. You don't have to make much effort in order to experience the arts here.

In the same compound, there are also pubs, restaurants and outdoor food courts. My favourites are beef satay, a chocolate place and a Singaporean tea and cookie caf?- the latter two have no outlets elsewhere in Singapore. Admittedly, some of my visits to the Esplanade are for culinary, not artistic, purposes.

Is there anything wrong with people coming to an arts centre for a cup of tea, a glass of beer, a chocolate fondue, or sushi? Certainly not. The more comfortable people feel at an arts centre, the more likely they will revisit - and, sooner or later, they will likely come for the arts, too.

The "for everyone" concept is clearly reflected in the programmes that are not scheduled in accordance with the Chinese, Indian and Malay celebrations. One example is the annual dance festival called "da:ns", held every October since 2006. Although each festival lasts only 11 days, the programme - both free and reasonably priced - is very diverse, ranging from classical ballet to hip hop to folk dances from remote corners of the world, and all venues in the facility, both indoors and outdoors, are used. Pre-festival workshops are organised to stir public interest, and audiences are invited to take part in some types of dance they may not be familiar with.

Certainly, not all ticketed programmes are sold out, especially those by companies or in genres not yet well known, but an arts centre is not a commercial producer. Profit is not the first priority - the audience's experience of as wide a range as possible of arts, is.

For the past three years, I've been working more closely with the Esplanade's media relations team. Apart from their commendable efficiency - my e-mails are usually answered in less than an hour and my requests for artists' and executives' interviews are always facilitated - their passion for the performing arts is obvious. They watch almost all the programmes that are presented at the centre, and we have had fruitful discussions about these afterwards. And even though they pay for many foreign media trips to their festivals and events, they respect journalists' personal views and do not expect positive or propagandistic reviews.

This is perhaps solid proof that what matters more than state-of-the-art, multimillion-dollar venues are the teams that runs them and invite us to programmes year-round. Here, apparently, they also think of the wider potential audience.

Of course, there is a downside to this "place for everyone". Finding a taxi back to your hotel after a Friday or Saturday evening performance is quite a daunting task, so much so that I learned how to take a bus - and when I can use the same card for the MRT, I cannot complain further.

On this note, what's happening - or rather, not happening - at the Muangthai Rachadalai Theatre here in Bangkok is quite unfortunate. This is probably because it was purpose-built by the company Scenario for musical productions, the number of which is quite limited. Muangthai Rachadalai Theatre has been dark on many days and nights, but lately has started holding concerts by Scenario's sister companies. A few plays have been staged but have not been successful, partly because the use of microphones has made the experience quite odd. For the record, the Royal Shakespeare Company performed "King Lear" at the Esplanade, Singapore, last July without the use of microphones, and that theatre holds 500 more seats than Rachadalai.

In Thailand, when one thinks of a "national performing arts centre", the first place that comes to mind is probably the Thailand Cultural Centre, even though no one would regard it as a "place for everyone". Although it holds many free-admission programmes year-round, the public rarely hears about them. Usually, it's up to the event promoter to advertise the programmes and invite audiences there. Besides, there are many days when there is no performance scheduled, as at Rachadalai, and thus there is no reason to pay a visit.

One piece of good news is that expansion, including the building of new venues to serve more art forms, is being planned. In fact, these have been in the planning stage for years, so let's keep our fingers crossed that the realisation will not take as long as that for Suvarnabhumi Airport or the Bangkok Art and Culture Centre.

Speaking of the BACC, the visual arts programmes are up and running, but performing arts have not made their home at this downtown centre yet, partly due to the decade-old design that gave little thought for the performing arts. Anyhow, some structural adjustments are in progress, and with accurate programming and curatorial vision that does not prioritise one art form over others, we hope that it will live up to its name - which includes both "art" and "culture" - very soon.

We'll see. We'll hear. And we'll dance.

20 November 2008

PR WEB
California-based Corporation Looks to Singapore for High-quality and Affordable Medical Treatment

In a bid to counter high healthcare costs, Snow Summit Mountain Resort aims to send its employees to Singapore for affordable and high-quality medical treatment. Other corporations are set to follow suit.

It is no secret that on average, a US medical traveler to Singapore pays a mere third of what a similar treatment would cost back home. With burgeoning domestic healthcare costs, such savings provide ample motivation for self-insured US corporations to jump on the medical travel bandwagon.

Snow Summit Mountain Resort visits Singapore hospitals

Their employees experienced a 9% increase in healthcare contributions while the employer saw a double digit growth in premiums. So they were trying to find ways to lower their healthcare costs.

The arrangement is a cost-less benefit that employers include in their benefits package in which there are no upfront or per monthly fees. We are only compensated on utilization of our services.

This is a useful learning trip because I anticipate many at the resort will want to know more about Singapore's healthcare and what it has to offer.

When they hear about the quality healthcare, cutting-edge technology and impressive hospitals in Singapore, I'm sure they will seriously consider heading there for treatment.

Having never traveled out of the US, many Americans are apprehensive about going to a foreign land for healthcare. So, when representatives see first-hand how modern, safe and advanced Singapore is, we believe they will then reassure their employees who will feel more comfortable about coming here.

It's important to know what to expect before sending somebody to a country none of us have been to before, let alone for medical treatment. Many who don't know much about Singapore will be pleased to know that English is widely used there.

You feel safe all the time, it's clean, the people are friendly, the food is great and it's an easily accessible and convenient city. Americans will love it.

Visitors never have to worry about wars, social unrest, riots or natural disasters in Singapore. This provides peace of mind, which in essence, is what international patients need most when they are unwell.

I was blown away by the cutting-edge procedures at Gleneagles Hospital of Parkway Health such as the limb-lengthening, stem-cell research and liver transplants. They spared no expense on equipment and the hospital care was first-class.
 
The Singapore General Hospital was an immense facility and the accomplishments of the Singapore National Eye Center, in particular, were astounding. I think Americans will appreciate the long list of US partnerships with the place such as the Jules Stein Institute and Johns Hopkins.

The compassion and dedication of the doctors and staff were obvious traits, and important especially since they deal with lots of cancer patients, both women and children.

I hope Darla and Jamie will sing praises of Singapore's healthcare to their employers so that when the next employee needs any major medical attention, he or she will seriously consider going there.

Leading the way is Snow Summit Mountain Resort, which turned to PlanetHospital, a pioneer medical outsourcing company, to help bring down healthcare costs for its 200 employees and 85 dependents.

Mr Rudy Rupak, PlanetHospital's president and co-founder discloses, "Their employees experienced a 9% increase in healthcare contributions while the employer saw a double digit growth in premiums. So they were trying to find ways to lower their healthcare costs."

Outlining the deal struck in October 2007 with the 58-year old ski resort, he says, "The arrangement is a cost-less benefit that employers include in their benefits package in which there are no upfront or per monthly fees. We are only compensated on utilization of our services."

Mr Rupak, aware of its excellent healthcare services, identified Singapore as an ideal medical destination.

Ms Darla Hanft, 53, Executive Assistant to the President and Shareholder & Guest Services Director, relates, "This is a useful learning trip because I anticipate many at the resort will want to know more about Singapore's healthcare and what it has to offer."

Benefits Manager, 27-year old Ms Jamie Pecoraro, adds, "When they hear about the quality healthcare, cutting-edge technology and impressive hospitals in Singapore, I'm sure they will seriously consider heading there for treatment."

The World Health Organization (WHO) ranked Singapore's healthcare system best in Asia and sixth worldwide. By comparison, the US is ranked 37th. A multifaceted medical hub with high standards of patient services, research, development and training, Singapore's well-established medical infrastructure also boasts 13 JCI-accredited medical facilities staffed by doctors trained in the best centers around the world.

Impressive as accolades and achievements read, Director of Healthcare Services at the Singapore Tourism Board, Dr Jason Yap, notes the importance of such educational and exploratory visits.

"Having never traveled out of the US, many Americans are apprehensive about going to a foreign land for healthcare. So, when representatives see first-hand how modern, safe and advanced Singapore is, we believe they will then reassure their employees who will feel more comfortable about coming here."

Ms Pecoraro asserts, "It's important to know what to expect before sending somebody to a country none of us have been to before, let alone for medical treatment. Many who don't know much about Singapore will be pleased to know that English is widely used there."

Language aside, Ms Hanft feels that safety, cleanliness and food remain obstacles for many when presented with alternative healthcare destinations. This, she feels, is where Singapore has an advantage.

She declares, "You feel safe all the time, it's clean, the people are friendly, the food is great and it's an easily accessible and convenient city. Americans will love it."

Dr Yap adds, "Visitors never have to worry about wars, social unrest, riots or natural disasters in Singapore. This provides peace of mind, which in essence, is what international patients need most when they are unwell."

During their four-day stay, both Ms Hanft and Ms Pecoraro visited several leading private and public hospital facilities in Singapore including Parkway Health, National Healthcare Group (NHG), and SingHealth Group, sat through doctors' presentations, and even underwent a comprehensive health screening, all of which impressed the pair.

"I was blown away by the cutting-edge procedures at Gleneagles Hospital of Parkway Health such as the limb-lengthening, stem-cell research and liver transplants. They spared no expense on equipment and the hospital care was first-class," reveals Ms Pecoraro.

She adds, "We also toured the teaching facility at NHG's National University Hospital and were highly impressed, especially since this hospital also offers subsidized care to the locals. The doctors at the children's unit were also great with kids. My favorite was the Tan Tock Seng Hospital, also under NHG. It had a unique feel and attention was paid to all medical needs as well as it being a clean, modern and beautiful facility."

On the SingHealth establishments, Ms Hanft notes, "The Singapore General Hospital was an immense facility and the accomplishments of the Singapore National Eye Center, in particular, were astounding. I think Americans will appreciate the long list of US partnerships with the place such as the Jules Stein Institute and Johns Hopkins."

Commenting on the KK Women's and Children's Hospital, she says, "The compassion and dedication of the doctors and staff were obvious traits, and important especially since they deal with lots of cancer patients, both women and children."

Mr Rupak says, "I hope Darla and Jamie will sing praises of Singapore's healthcare to their employers so that when the next employee needs any major medical attention, he or she will seriously consider going there."

PlanetHospital is presently fine-tuning details with two other corporations, one with 600 employees and another 4,000 strong, to join Snow Summit in looking to Singapore as a healthcare destination for their employees.

About SingaporeMedicine (www.singaporemedicine.com)
SingaporeMedicine is a multi-agency partnership committed to strengthening Singapore's position as Asia's leading medical hub, and promoting it as a world-class destination for advanced patient care. The Healthcare Services Division at the Singapore Tourism Board spearheads the international marketing of Singapore's healthcare services and development of service delivery for international patients. In 2007, over 400,000 patients traveled to Singapore for healthcare, a number that is expected to grow to one million by 2012.

About Planet Hospital (www.planethospital.com)
PlanetHospital helps US individuals, corporations, and insurers save time and money on healthcare costs. It facilitates quality, affordable, and immediate medical care with some of the best surgeons from around the world. Besides booking surgeries, facilitating medical records and handling other administrative matters, they offer a wide range of concierge services for their clients.

19 November 2008

Business Cinema
World's first 3D festival opens in Singapore

Mumbai: The world's first-ever festival embracing 3D technology in film and entertainment opened in Singapore on 19 November. The five day (19 ?23 November) festival brings together the world's leading talent, thinkers, directors, producers and professionals in a showcase event that will demonstrate the latest in 3D film technology and a stunning line-up of 3D movies from all genres including Walt Disney's new animated movie Bolt and New Line Cinema's Journey to the Center of the Earth starring Brendan Fraser.

Organised by 3D Partners and hosted by the Media Development Authority of Singapore (MDA) with support from the Singapore Tourism Board and Singapore Economic Development Board, the festival will feature industry and Hollywood heavyweights including Dreamworks CEO Jeffrey Katzenberg, 20th Century Fox CEO Jim Gianopulos, Walt Disney Studios Motion group president Mark Zoradi, Motion Picture Association of America CEO and chairman Dan Glickman and IMAX president Greg Foster. Brendan Fraser is also in Singapore to attend the festival.

"3D is possibly the next biggest advancement in the entertainment industry since colour! Movies will simply be magical in 3D, games will take on a virtual dimension and advertisers can 'literally' reach out to their audience in 3D," declared 3DX Film and Technology Festival executive producer Jim Chabin. "With Hollywood executives in town to share their vision and plan at the festival, the 3D movie revolution in Asia is set to roll."

Said MDA CEO Dr Christopher Chia, "As the host of the 3DX Festival, we want to take an active role to shape the future of 3D in entertainment and other fields. 3D is poised to catalyze new revenue streams for digital entertainment and beyond with estimates of the global 3D market revenues hitting US$1 billion by 2010. This includes fields as diverse as medicine and education. Anchoring the Festival in Singapore will deepen our efforts in advancing innovation in digital media as well as showcase the exciting possibilities in the business, production and technology of 3D."

With Hollywood leading the 3D revolution, investing up to US one billion dollars (US$1 billion) for the conversion of cinemas in the United States and Canada, the future of 3D in films looks bright. This is even more so in Asia where the tradition of movie going and making is long established and entrenched. India spends about $2 billion yearly on movie tickets, a figure which is expected to increase 30% by 2012, and Singapore averages about 16 million cinema attendances annually, roughly 4 times the size of its population. With the rapid evolution of technology, movie studios and in fact audiences in Asia are more accepting of these developments, including special effects and computer generated imagery (CGI).

"The industry recognises the huge potential of Asia and the continuous growth opportunities this market will bring to the industry at large. In fact we are now seeing new talent and concepts unique to Asia making a name on a global stage. We felt that inaugurating this festival in Asia and bringing together some of the best minds in the business, would the ideal platform for the launch," explained Chabin.

The 3DX Film and Entertainment Technology Festival offers a wide range of 3D movies from all genres and will be available for the public at the Singapore Discovery Centre on 23 November. The list includes animation and documentary films such as Fly Me to the Moon, Dolphins & Whales 3D and also the world premiere of the family adventure tale Call of the Wild 3D starring Christopher Lloyd.

19 November 2008

The Straits Times
Tourist trade hard hit by drop in visitors

This time last year, the tourism industry was giddy with success. A record number of tourists came and spent record sums of money, and hotel occupancy was up.

The industry was cashing in and operators were reaping the bonuses.

Twelve months on, the mood has sobered. Gone are the fat bonuses. Now the focus is on cutting costs to ride out what the industry expects to be a tough time ahead.

The storm has hit everyone from hotels to tour operators. Ducktours, for example, has suffered a drop in business of at least 30% in the last month.

Even QF International Marketing says sales of its Merlion-shaped chocolates have dipped 30 to 40% in recent months.

Hoteliers say the monthly occupancy rates this year have been at least one percentage point lower than last year's for every month. September was down 12 percentage points, bringing occupancy down to 75%.

Occupancy and room rates are expected to remain flat, or even fall in the coming months, said Ms Chee Hok Yean, the executive vice-president of Jones Lang LaSalle Hotels, a hotel consultancy.

The general manager of three-star Bencoolen Hotel, Ms Gay Kay Eng, said: "It is very bad. Since September, I have been unable to meet monthly targets."

That month, widely expected to be the star performer because of the excitement over the first night-time Formula 1 race held here, turned out to be a dud. It has had the worst monthly arrivals this year to date.

The first signs of trouble surfaced in June, when the first year-on-year slide in arrivals began, following 51 straight months of growth. Since then, every month has under-performed in comparison with last year.

Between January and September, 7.6 million tourists came to Singapore. With three months to go, the Singapore Tourism Board has conceded defeat in meeting this year's targets of 10.8 million visitors and $15.5 billion in tourist spending.

Last year, Singapore welcomed a record 10.3 million visitors who spent $13.8 billion, which more than met the targets of 10.2 million tourists and $13.6 million in tourism receipts.

For the industry, the worst thing about the current downturn is that no light gleams at the end of this tunnel.

Traditionally, November and December are the peak tourist months, with 1.8 million visitors last year.

But attractions, travel agents and hoteliers told The Straits Times they had more bookings at this time last year than now. Even their hopes of a late surge to make up for the poor performance are beginning to dim.

With the financial crisis spreading its taint throughout the world, industry players say they are waiting for the other shoe to drop.

A Ducktours spokesman said it projected that the full impact of the financial crisis will be apparent from January.

Business travel, usually dependable, is one of the hardest hit. Companies are pulling back on travel spending, said Abacus International vice-president for South Asia Kenneth Low.

In the coming months, he said corporate travel will decline by the same or at a greater rate than the downturn in economic activity.

To pull through, various companies are adopting different strategies.

Some hotels are refocusing to concentrate more on leisure travellers.

Travel agents have noticed the change in tack among the hotels. One who declined to be named said: "In the past, when we called them, they would be too busy to even take our calls. Nowadays, they will ring us up, buy us tea and ask us for business."

Hotels and in-bound travel agents are also marketing themselves more aggressively to regional tourists, who are less hit by the economic downturn. Some companies, like Ducktours, are also looking at trimming staff, to keep "lean and effective".

Mr Francis Phun, who heads the Association of Singapore Attractions, said the association is polling its members on their performance and what they are doing to ride out the downturn. Nobody knows who will survive.

He said: "Now is the time for all of us to cooperate and help each other through the bad times."

19 November 2008

Channel NewsAsia
S'pore ranked 16th most expensive shopping location in the world

SINGAPORE: Surveys showed that Singapore is the world's 16th most expensive shopping location, with prime retail space along Orchard Road going for US$405 per square foot.

This is two places lower than 2007 largely due to escalating rental rates in other global markets.

In Asia, Singapore's retail rentals ranked 4th, with Hong Kong retaining its position as the region's priciest shopping destination.

Property consultancy Cushman & Wakefield said retail rents rose as a result of sustained interest from international retailers.

It said there is also positive spillover effects from new tourist attractions and events in Singapore. These include the opening of the Singapore Flyer observation wheel, the Formula One Grand Prix street race and the upcoming integrated resorts.

However, market watchers said the weakening economic environment has started to affect retail rentals towards the fourth quarter of 2008. Still, they expect the sector to hold up in the medium term, backed by the influx of new malls along Orchard Road.

Commercial real estate services firm, CB Richard Ellis (CBRE), said despite deteriorating economic conditions, the retail sector has performed relatively well to date.

It added that half of the markets surveyed saw rental growth in the first three quarters of the year, with 65 per cent of them seeing increases over the last six months.

Looking ahead, it said the slowdown in consumer demand could drive down the rates as landlords become more open to rental negotiations.

CBRE added that retailers who are able to differentiate themselves, either based on price or product, will be more likely to weather the tough times. - CNA/vm

19 November 2008

Channel NewsAsia
Marina Bay Sands convention centre on target to open by end-2009

SINGAPORE: Marina Bay Sands says its convention and exhibition centre is on target to open by the end of next year.

But it will not be taking any bookings for large meetings, incentives, conventions and exhibitions (MICE) until February 2010.

The integrated resort says it will first look at smaller events that require short lead times, such as corporate meetings.

Wolfram Diener, Marina Bay Sands vice-president for conventions and exhibitions, said: "For the convention and exhibition centre, we are on target to open by the end of next year.

"One has to understand that to complete the building, the hardware, is one thing and to be ready to deliver in terms of excellence is another thing. In this respect, we are not accepting any large MICE events.

"It could be a large conference, trade show, before the first quarter of 2010, (but) certainly not in December or November 2009 or the first month of 2010, only after that."

Marina Bay Sands says 50 per cent of MICE business in Asia comes from sign-ups less than 45 days in advance.

Mr Diener said Sands has already received enquiries from its regular business customers about holding events in the new centre, including clients from Las Vegas and Macau.

He said: "We had, a few weeks ago, two conferences plus trade shows in Macau, and by nature these are rotating events. So they go every two years into another destination.

"And after the immediate success at Venetian Macau, they said,'we think your business concept is great and we like your facilities' and immediately gave us a letter of interest to hold their events at Marina Bay."

While near-term growth projections for the MICE industry have been scaled back due to the global economic downturn, the integrated resort says it is confident of its longer term outlook.

Apart from spillover businesses, it is also targeting companies worldwide with a base in Singapore.

Mr Diener added: "You have a very strong economy here, have a lot of multinational corporations with regional or global headquarters in Singapore. Also, (there are) more than 300 international associations with branch offices or headquarters in Singapore. There is really much more potential to hold corporate meetings here."

19 November 2008

The Straits Times
Sands raises $3.2b for projects 

CASINO operator Las Vegas Sands announced yesterday that it had raised the additional US$2.1 billion (S$3.2 billion) required to complete its development commitments, including Singapore's integrated resort in Marina Bay.
Its ability to do so also prompted its auditor PricewaterhouseCoopers (PwC) to remove a warning that there was 'substantial doubt' the company could continue operating.

The fate of the Marina Bay integrated resort came into question after PwC, in a regulatory filing last week, said Las Vegas Sands could go bust.

The news had Singapore worried that the casino operator would not be able to complete the US$4.5 billion project as promised.

However, Sands' top executives affirmed last week that the Marina Bay Sands IR remained its 'top priority'.

To ensure that it could complete the Singapore development, it has suspended projects in Macau and Las Vegas. It also went on a drive to raise new capital through selling of stocks and warrants. The latest amount raised will be used as collateral for Sands to draw on its loan for the local project, among others.

On Monday , Senior Minister of State for Trade and Industry

S. Iswaran assured Parliament that the project was still going ahead, and that the authorities were working with the company to complete it.

He also stressed that there was no concession from the Government in allowing the number of gaming tables to be upped from 600 to 1,000. The restriction on the casino remains at 15,000 sq m.

19 November 2008

Variety
Hollywood heavyweights talk 3-D
3DX convention takes place Nov. 19-23

Hollywood heavy hitters, including DreamWorks?Jeffrey Katzenberg, Disney’s Mark Zoradi and MPAA topper Dan Glickman, gathered in Singapore on Wednesday to talk up the future of 3-D movies and exhibition.
“Within the next five-to-seven years, I expect all movies out of Hollywood to be in 3-D,?said Katzenberg, speaking at the inaugural 3DX, Singapore’s five-day 3-D film and entertainment technology festival.

“We can tell stories differently, engage the audience better (with 3-D). They can’t get this at home,?said Zoradi, prexy of the Walt Disney Studios Motion Pictures Group. “This is a wonderful incentive for theater owners to install digital cinema (equipment). For Asia there is an additional benefit in that this is a deterrent to piracy.?br>
Glickman described 3-D filmmaking as a “genuine revolution?in the way that movies are watched. He also spoke of “the dawn of a new era.?

“The extraordinary innovation we have seen here on display,?he added, “barely scratches the surface of the innovation that lies before us.?

Fest was the venue for Disney’s announcement of a slate of 11 3-D movies to be released in the next two years, including “Beauty and the Beast,?and a five-film deal between Disney and Imax (Daily Variety, Nov 19).

The Singapore government also used the event to unveil a $6.5 million fund to develop the 3-D film industry over two years.

Information, Communication and Arts Minister Lee Boon Yang said the government also wanted to create a permanent facility for 3-D production in Singapore.

Fest, which includes a business forum, public screenings and a gala red carpet event, is backed by the Media Development Authority of Singapore with support from the Singapore Tourism Board, Infocomm Development Authority of Singapore and Singapore Economic Development Board. It ends on Sunday.

18 November 2008

Bloomberg
Sands Has `All the Money' Needed for Singapore Casino

Las Vegas Sands Corp. has enough money to finish Singapore's first casino without help from the city-state's government or billionaire Kwek Leng Beng after the company raised $2.1 billion, President William Weidner said.

Parts of Marina Bay Sands will open later than the end of 2009, as originally scheduled, on construction snags and an ``unprecedented'' shortage of raw materials that is now ``opening up,'' Weidner said in an interview in Las Vegas. ``We have all the money required to be able to complete the project.''

Las Vegas Sands, controlled by billionaire Sheldon Adelson, halted developments in Macau and Las Vegas to focus on finishing the $5 billion Singapore project and the casino part of its Bethlehem, Pennsylvania, site. The company raised $2.1 billion last week selling stock and warrants, prompting auditor PricewaterhouseCoopers LLC to yesterday remove a warning that there was ``substantial doubt'' the company could survive.

``They should be okay for the next 12 months,'' said Billy Ng, a Hong-Kong based casino analyst at JPMorgan & Chase Co. ``They have proven their liquidity. This will help investors' confidence.''

Adelson and Weidner plan to travel to Asia within the next two weeks to assess the company's developments, said Weidner, who is also Las Vegas Sands' chief operating officer.

`Rough 18 Months'

Raising cash and mothballing developments ``gets us through what we anticipate to be a very rough 18 months approximately ahead of us until we see recovery, somewhere in 2010 or 2011,'' Weidner told an investor meeting in Las Vegas late yesterday.

Las Vegas-based Sands talks with the Singapore Tourism Board ``day to day'' and the Ministry of Trade and Industry ``when there's an issue that rises to another level,'' Weidner said in the interview.

Singapore is ``carefully considering'' proposals by Las Vegas Sands and Genting International Plc to open their casino resorts in the city state in ``progressive'' stages, S. Iswaran, senior minister of state for the Trade Ministry, said in Parliament yesterday.

Each of the multibillion-dollar projects must still open as an ``integrated resort'' rather than a ``standalone casino,'' Iswaran said.

Las Vegas Sands expects to open at least 1,000 hotel rooms in two towers on schedule by the end of 2009, Executive Vice President Bradley Stone said Nov. 10. The company will also open ``a portion'' of the mall, the casino, and most of Marina Bay Sands' meeting and conference space, he said.

Hotel, Mall

By mid-2010, Las Vegas Sands plans to open the remaining hotel rooms and most of the mall, with final stages such as a sky park and some suites possibly taking longer, Stone said.

Las Vegas Sands didn't discuss capital-raising options directly with Temasek Holdings Inc. or the Government of Singapore Investment Corp., Weidner said in the interview.

The casino operator has lease commitments for about 46 percent of the Singapore mall space and plans to eventually sell, or otherwise ``monetize'' its malls in Macau and Singapore, Weidner said.

The company ``initially'' approached Kwek, the billionaire whose City Developments Ltd. advised Las Vegas Sands on its winning bid for Singapore's first casino resort, Weidner said.

``We talked to him later about where we stood and what we were doing with the capital raise so far,'' he said. ``He's a friend and every time we go to Singapore we sit down and talk with him.''

Bank Discussions

Las Vegas Sands has met with ``the major Singapore banks and a lot of international banks'' involved in its Singapore project financing, including DBS Group Holdings Ltd., Weidner said.

``We felt compelled to sit down and talk to them and let them know where we are in the cycle,'' he said. The company is in talks with international banks about potentially financing the completion of its half-finished Macau projects when credit markets thaw and the global economic environment improves, Weidner added.

Adelson was ranked the third-richest man in the U.S. by Forbes magazine before Las Vegas Sands shares tumbled 94 percent this year. Adelson and his family have invested about $1 billion in the company since Sept. 30.

The company needed the cash to avoid violating the terms of some U.S. loans and triggering defaults that risked forcing it into bankruptcy, the auditors said Nov. 6.

The shares have plunged this year because investors are concerned weakening casino revenue growth in Las Vegas and Macau amid the global financial meltdown will deprive it of the cash needed to pay for expansion projects and loans.

``Any time you have those kinds of transparent conversations, noise happens in the system,'' Weidner said. ``But the noise ought to all go away.''

Genting International is a unit of Genting Bhd., Asia's biggest publicly traded casino operator. The company is building a casino resort on Singapore's Sentosa island.

18 November 2008

Todayonline         
Not a question of if, but when 
IRs expected to meet economic targets, albeit with impact from crisis

THE promise, when the Government decided to allow the Integrated Resorts (IRs) in, was a $1.5-billion increase in our Gross Domestic Product (GDP) and 35,000 new jobs ?but will these economic rewards now materialise? And if so, when?

In response to questions by Nominated MP Eunice Olsen and Non-Constituency MP Sylvia Lim yesterday, Senior Minister of State for Trade and Industry S Iswaran said the projection remains that the Marina Bay and Sentosa IRs, when they are “fully developed and running? will achieve their economic targets and create as many as 40,000 jobs.

But whether these will be achieved by 2015 ?as originally expected ?“is something we will have to study and see? he said.

“It would be fair to say that due to the global financial crisis and the slowdown already evident in our tourism sector, there may be some impact on the integrated resorts?business when they open.?

Another issue: Marina Bay Sands (MBS) had announced that its proposed casino floor plan, which had upped the number of gaming tables from 600 to 1,000, had been approved. Ms Olsen wanted to know if the Government had made concessions to its original position.

Mr Iswaran noted that the provisions stipulated all along that up to 15,000 sq m of MBS ?within the 3 to 5-per-cent limit of their over 500,000 sq m total area ?could be set aside for gaming activities. There has been no change, he added, reiterating that “each development will open as an IR and not just as a stand-alone casino?

Both MBS and Resorts World at Sentosa have requested for a “progressive opening?and their proposals are now being “carefully considered?by the Singapore Tourism Board (STB) and other government agencies, reiterated Mr Iswaran.

Both IRs had given assurances that they have secured project financing, he added, and the STB will “continue to work closely? with the operators to facilitate the developments?completion.

Ms Olsen asked if the assurance that taxpayers?money will not be used to bail out the IRs, can be interpreted to mean that Temasek Holdings will not step into the picture.

Mr Iswaran reiterated that would be a commercial decision to be made by Temasek.

18 November 2008

The Straits Times
IRs to open in stages?
But operators must fulfil obligations; no change in their projected benefits to job scene, economy

Mr Iswaran said it has applied for a progressive opening and the request is being reviewed.

THE Government is considering requests by both integrated resort (IR) operators for their openings to be made in stages, Senior Minister of State for Trade and Industry S. Iswaran told the House yesterday.
Both operators will also be held to fulfilling their obligations as outlined when their bids for the projects in Sentosa and Marina Bay were submitted, he said.

RESORT, NOT CASINO

'Our expectations remain that each development will open as an integrated resort and not just as a stand-alone casino.'

He added that the Government does not expect any change in the contribution that both projects will have towards the economy and job scene here.

Mr Iswaran was responding to questions from Non-Constituency MP Sylvia Lim and Nominated MP Eunice Olsen on when the IRs will fully open and whether the global financial crisis will have any impact on their ability to operate.

The recent financial crisis and the resulting credit crunch have affected several United States-based companies, including Las Vegas Sands, whose Marina Bay project here is slated to fully open next year.

Mr Iswaran noted that not only had the casino operator raised an additional US$2 billion (S$3 billion) in capital, but also its chairman and chief executive officer Sheldon Adelson had made a public declaration of his commitment to the Singapore project.

Although Sands had promised to complete the entire development by the end of next year, it has since submitted a proposal for progressive opening instead.

This is now being considered by the Singapore Tourism Board and other agencies involved.

Mr Iswaran said that Resorts World at Sentosa, which is scheduled to open in 2010, also applied for a progressive opening, and this is being reviewed too.

But he assured the House: 'Even as we do so, our expectations remain that each development will open as an integrated resort and not just as a stand-alone casino.'

There will also be terms and conditions which the operators must abide by should their requests be approved, he added.

Although a company's financial capability and its ability to get credit were a factor in determining the award of the projects when the IR bids were first sought, Mr Iswaran reminded the House that 'we are now in profoundly altered circumstances'.

Still, he said both companies have assured the Government that their financing has been secured.

Mr Iswaran had already made it clear last week that the Government will not step in to bail out the IRs should their parent companies go under.

But when asked yesterday if Singapore investment company Temasek Holdings will step in, he said: 'I think that's a question for Temasek. It's a commercial company - they make their own decisions.'

Ms Olsen also queried him on whether the Government had relaxed its ruling on the gaming area restriction in allowing Marina Bay Sands to have 1,000 gaming tables instead of the 600 that were originally proposed.

Mr Iswaran refuted any suggestion of a government concession.

The restriction has always been on the floor area for the casino - which has to be less than 3 per cent of the entire resort, he stressed. And that requirement remains unchanged.

In response to Ms Lim and Ms Olsen's questions on the benefits that Singapore stands to gain from both projects, Mr Iswaran said that the Trade and Industry Ministry is standing by its projections 'for now'.

These projections are that there will be 20,000 jobs generated directly by the IRs, and a further 30,000 to 40,000 jobs created indirectly by their operations here.

Projections that the IRs will contribute $5.4 billion to the economy were based on the projects being in a 'steady state' in 2015 after they have been fully developed and open, he said.

But Mr Iswaran added that whether that can be achieved in 2015 is something that the ministry will have to 'study and see'.

17 November 2008

Channel NewsAsia
Singapore government considers requests to phase in opening of IRs

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.

17 November 2008

TradeArabia News Service
Depa JV wins another Singapore order 

Depa Limited, a leading interior contractor, today announced that its joint venture, DDS Contracts & Interior Solutions (DDS), has been awarded its second contract in Singapore.

The contract covers the fit-out of basements and first storey for the three towers in the prestigious Marina Bay Sands Integrated Resort. This fit-out project has a contract value of approximately Dh50.7 million ($13.8 million).

This is the second project win for DDS, following a Dh172.8million contract win in July 2008. This brings the total contract value secured to approximately Dh224 million.

DDS is a joint venture between Depa (55 per cent), and Design Studio (45 per cent), Singapore’s leading Furniture Manufacturer, Product and Interior fit-out specialist. This strategic partnership targets interior contracts in the hospitality and commercial segments within Singapore, Malaysia, Thailand, Indonesia and Vietnam.

DDS is a specialist company poised to be a significant player offering a comprehensive fit-out suite, including turnkey and retrofitting services, to new and existing hospitality and commercial projects.

Mohannad Sweid, CEO of Depa, said: “We are encouraged by the 2nd contract win for DDS within a span of a few months. We have set high expectations for DDS and are delighted with the progress it has made.?br>
Bernard Lim, CEO of DDS and Design Studio, said: “This contract win has boosted our confidence and reaffirmed the trust that Marina Bay Sands has in our capabilities. We will continue in working hard to deliver results in accordance to the time frame. ?br>
The contract is expected to contribute positively to Depa and Design Studio’s financial performance for 2009 and 2010.

17 November 2008

Forbes
Sands Solid For Now
Auditor drops 'going-concern' warning after stock sale

Casino operator Las Vegas Sands managed to get investors to pony up $2.1 billion last week, and its auditors are now on board with the concept that the house always wins.

Las Vegas Sands (nyse: LVS - news - people ) revealed on Monday that auditor PriceWaterhouseCopper was removing language from the company audit that indicated that the casino operator might not be financially viable. The new capital has eased worries that Sands cannot continue as a a going concern.

Yahoo! BuzzShares of the casino operator jumped 3.4%, or 21 cents, to trade at $6.32, late in the day Monday. This is down 94.9% from its 52-week high of $122.96 that it hit in December 2007.

Last week, Las Vegas Sands priced its public offering of 181.8 million common shares at $5.50 per share, and sold majority holder Sheldon Adelson and his family 5.3 million units consisting of shares of preferred stock and warrants to buy common. The units, whose warrants allow the Adelson's to buy 86.6 million additional shares of stock at $6 a share, were priced at $100 each, and an additional 5.2 million were offered to the public at the same price.

As part of the deal, the Adelson family agreed to convert $475.0 million of notes due in 2013 into stock at $5.50 a share, reducing the company's debt load.

Earlier in the month, the Sands announced that it was halting construction on parts of its Macau project because the global credit crunch had taken away opportunities for funding. Just days after casino operator said it would continue its Singapore venture, the company added that it would be curtailing its Macau developments and indefinitely suspending construction of the St. Regis Residences in Las Vegas. The company continues to expect the opening of the Marina Bay Sands in Singapore because financing is already in place, but will suspend the construction of several of its Macau expansion sites due to the lack of financing.

17 November 2008

Bloomberg
Las Vegas Sands COO Expects to Survive `Rough' 18 Months Ahead

Las Vegas Sands Corp., the casino that raised $2.1 billion of capital last week, will ``survive'' and recover from the ``very rough 18 months'' ahead for the casino industry, Chief Operating Officer William Weidner said.

PricewaterhouseCoopers LLP, which said earlier this month there was ``substantial doubt'' that the Las Vegas-based company would be able to continue as a going concern, withdrew the warning after the share sales, according to a Las Vegas Sands regulatory filing today.

Las Vegas Sands said Nov. 14 it completed a sale of common and preferred stock and warrants to repay debt and finance development projects. Chief Executive Officer Sheldon Adelson and his family invested about $525 million. That was in addition to the $475 million he injected Sept. 30.

``We feel very confident that this plan fully funds our development plans through the opening of Singapore,'' Weidner, who is also president, said at an investor conference in Las Vegas today. It ``gets us through what we anticipate to be a very rough 18 months approximately ahead of us until we see recovery, somewhere in 2010 or 2011.''

Adelson was ranked the third-richest man in the U.S. by Forbes magazine before the shares tumbled 94 percent this year. The casino owner needs the cash to avoid violating the terms of some U.S. loans and triggering defaults that risked forcing it into bankruptcy, the auditors said Nov. 6. Sands this month said it would delay construction of Macau resorts and Las Vegas condos to focus on finishing a $5 billion Singapore project and the casino part of its Bethlehem, Pennsylvania, site.

`Monumental Screw-Up'

The decision to inject more capital was ``a matter of robust debate within the organization,'' Weidner said. The company, its shareholders and board took too long to decide, ``a monumental screw-up,'' he said.

The common stock was sold at $5.50 a share, and Goldman, Sachs & Co. was the sole underwriter.

Las Vegas Sands advanced 42 cents to $6.53 at 4:15 p.m. in New York Stock Exchange composite trading.

The shares have plunged this year because investors are concerned dwindling casino revenue in Las Vegas and Macau and the global financial meltdown will sap the cash it needs to pay for expansion projects and loans.

While Adelson, 75, adds funds to the company, executives may be showing dissatisfaction with the way he's running it. Las Vegas Sands said last week it set up a board committee to address ``outstanding differences between our chief executive officer and other senior management members,'' and that the board was addressing a ``loss of confidence by certain senior management members in the management of the company.''

``You can think of it as a junkyard dogfight,'' Weidner said today in response to a question about the disagreements. ``We've got four or five A plus personalities and a couple of A minus personalities and the moderates are the As, so you've got personality types who are focused and interested in executing.''

17 November 2008

AFP
Resorts World confirms casino opening on track

A Singapore casino developer confirmed on Monday that its project was on track for a phased opening beginning early in 2010.

"It hasn't changed," a spokesman for Resorts World at Sentosa told AFP.

The spokesman, who declined to be named, was commenting after a minister said in parliament that the country's Genting International had sought government permission for the progressive opening.

"We've always said we will open in stages," the spokesman said.

Last Thursday the Singapore Tourism Board said the city-state's other casino developer, Las Vegas Sands, had asked to open its Marina Bay Sands complex in stages instead of in one go at the end of next year.

The government is "considering these requests by Marina Bay Sands and Resorts World at Sentosa with due reference to what they have committed," Senior Minister of State for Trade and Industry, S. Iswaran, told parliament.

"Even as we do so, our expectation remains that each development will open as an integrated resort, and not just as a stand-alone casino," he added.

Iswaran said Genting cited "physical on-site constraints" for its progressive opening.

The development is to include a Universal Studios theme park, which the Resorts World spokesman said will require an on-site storage area while the rides are assembled. That accounts for the site constraints, he said.

But the theme park, casino, four hotels and a dining and shopping area are to open as scheduled in early 2010, he reiterated. Other features of the project will open later, also as previously announced, he said.

Stephen Weaver, the head of Las Vegas Sands Asia, said last week that his company had run into construction difficulties in Singapore.

Las Vegas Sands has announced a halt to some developments in the southern Chinese gambling enclave of Macau due to trouble accessing credit during the global financial crisis.

But the company said completion of the Singapore project remains its top priority. Marina Bay Sands is to include hotel and convention facilities as well as gaming tables.

17 November 2008

The Straits Times
IRs' requests under review 

The minister said there is no concession on the part of the Government in allowing the Marina Bay Sands resort to increase its number of gaming tables from 600 to 1,000 as there had never been a restriction on the number of gaming tables but on the size of the gaming area.

BOTH the Marina Bay Sands and Resorts world at Sentosa have applied to open their integrated resorts in stages and their requests are being reviewed, said Senior Minister of State for Trade and Industry S. Iswaran on Monday.
Each of the multibillion-dollar projects must still open as an 'integrated resort' rather than a 'standalone casino,' he said in Parliament, when replying to queries from Nominated MP Eunice Olsen and Non-Constituency MP Sylvia Lim on whether there will be any delays in the opening of the two integrated resorts and if there were changes made to the terms and conditions since.

Resorts World confirms casino opening on track
A SINGAPORE casino developer confirmed on Monday that its project was on track for a phased opening beginning early in 2010.

'It hasn't changed', a spokesman for Resorts World at Sentosa told AFP.

He said that both the Marina Bay Sands and Resorts World at Sentosa have applied to open in stages and their proposals are being reviewed now.

'It would be fair to say that due to the global financial crisis and the slowdown already evident in our tourism sector, there may be some impact on the integrated resorts' business when they open," he said.

'Even as we do so, our expectations remain that each development will open as an IR and not just as a stand-alone casino.'

The Singapore Tourism Board, he said, will work closely with both operators to facilitate the completion of the IRs.

Singapore stands by its estimate that the two resorts will add as many as 40,000 jobs by 2015, said Mr Iswaran. Both operators have informed the government that they have secured financing for their respective developments in the city- state, he added.

The minister said there is no concession on the part of the Government in allowing the Marina Bay Sands resort to increase its number of gaming tables from 600 to 1,000 as there had never been a restriction on the number of gaming tables but on the size of the gaming area.

He stressed that the gaming area of the Marina Bay project remains well within the limit stipulated.

17 November 2008

TODAYonline
Marina Bay Sands a good fit for Tote Board

SINGAPORE - It is right that the Singapore Government not bail out Las Vegas Sands' integrated resort project on Marina Bay.

After all, why should taxpayers' money be used to bail out a huge gamble by Sheldon Adelson, who was once the richest man in Las Vegas?

According to Senior Minister of State for Trade and Industry S Iswaran, there's been no request for a Government bailout from Marina Bay Sands, nor does the Government intend to give one.

Sands, whose shares have seen 95 per cent of their value wiped out from their peak, is facing a huge credit crunch. As a result, it will not be able to complete the entire project as scheduled by the end of next year. Instead, it will open the IR in two phases - Phase One at the end of next year and Phase Two the following year.

Mr Iswaran noted that the Singapore Tourism Board had not decided if the casino operator would be penalised for changes to the development agreement.

"Their proposal was to complete the whole project by 2009. If there's a variation to that, we need to look at that and see whether there are legitimate reasons for it," he said.

But is this really the right time to talk about penalties for delays to the project?

Mr Adelson needs to borrow billions to stave off bankruptcy and to help keep his US$4-billion (S$6-billion) project here alive. Such talk about penalties only goes to make already nervous bankers even more cautious about funding the project.

Although Sands has said that its S$5.44-billion credit facility to support the Marina Bay development was in place, there is nothing to prevent its financiers from pulling their lines. The parent company, as at September 30, had total outstanding debts of US$10.35 billion, largely the result of an overambitious expansion plan which not only included Singapore, but also extension of its facilities in Macau and Las Vegas.

But there is also nothing to prevent others in the private sector, including Government-linked companies, from bailing out the Marina Bay project or even Sands itself - if it makes commercial sense.

While CapitaLand, the country's largest property developer, has denied being in talks with Sands, it also noted in a recent statement to the press that, "In the present continuing global recessionary environment, CapitaLand is strategically watching the situation, studying opportunities related to distressed companies or assets, in Singapore and other core markets, that will have strategic fit with our core business areas".

It went on to add that "potential opportunities will be carefully explored and evaluated, ensuring that an acquisition is made only at the right time, right price and when target returns are met given the current difficult economic operating environment".

Having lost out on its original bids for the two casino licences, that opportunity for distressed assets could now present itself if Sands is unable to obtain adequate funding from elsewhere. As at the end of its third quarter, CapitaLand had a net gearing ratio of 0.5 and a cash balance of S$4.2 billion. The Temasek-linked company need not take over the whole project but could invest in a significant, perhaps even in a controlling, stake in Sands Marina Bay.

The other potential white knight for Sands could be the Singapore Totalisator Board, which in April this year re-branded itself as the Tote Board.

The Board is already the country's leading gambling institution and runs the Singapore Turf Club through its agent and wholly-owned subsidiary, Singapore Pools, which runs the 4D, Toto, Singapore Sweep and football betting outlets on the island.

While it says that as a rule it will not fund commercial projects for the purpose of profit-making and debt or loan repayments, there is nothing in the rules that says it cannot take a stake in such projects.

An integrated resort like the Marina Bay Sands would be an almost perfect fit for the Board itself or any of its two main subsidiaries. It's a gamble that is perhaps worth taking. - TODAY/fa

17 November 2008

Channel NewsAsia
378 more MRT train trips per week during year-end festive season

SINGAPORE: SMRT is adding to the festive cheer by reducing waiting times for trains this year-end.

378 more MRT train trips on the North South and East West lines are being added each week between November 22 to December 28.

Most of these trips are being added on weekends with an extra 110 trips for Saturdays alone.

Those travelling between 5pm and 11.45pm on weekends can expect to shorten their waiting time of up to two minutes.

On weekdays, more trips will be added to the North South line between 9pm and 11.45pm and to the East West line between 6.15pm and 11.15pm.

For more information, visit the SMRT website at www.smrt.com.sg. - CNA/vm

17 November 2008

Travel Daily News
Weekly flights to Southeast Asia are leading the increase
More flights at Singapore Changi Airport despite global economic slowdown

More flights are operating out of Singapore Changi Airport this Northern Winter 2008 schedule season, which commenced on 26 October 2008 and ends on 28 March 2009. From 1 November 2008, Changi Airport sees a record 4,466 weekly scheduled flights, representing an increase of 152 weekly flights, or 3.5 per cent, as compared to the levels recorded at the start of this year. From 1 December 2008, the number of weekly scheduled flights is expected to exceed 4,700 to register an approximate increase of 8.9 per cent over January 2008’s figure.

The further liberalisation of the air services agreement between Singapore and Malaysia is a major factor contributing to such an increase. Singapore and Malaysia recently agreed to allow low-cost airlines to operate between Singapore and three cities in East Malaysia, namely Kuching, Kota Kinabalu and Miri, starting 1November 2008. AirAsia has launched daily services from Kuching and Kota Kinabalu to Singapore, and Tiger Airways and Jetstar Asia will follow suit with a new daily service to Kuching and Kota Kinabalu respectively over the next few weeks.

The full liberalisation of the Singapore-Kuala Lumpur route, which takes effect on 1 December 2008, further boosts the number of weekly flights on this sector. AirAsia, Jetstar Asia, Silk Air and Tiger Airways are adding a total of 180 new weekly flights on the sector.

Although softening of travel demand has caused some airlines to rationalise their network at Changi Airport, the reduction in flights has been more than offset by the increase in new flights on intra-Asian sectors such as Bangkok, Phuket, Hong Kong, Manila, Denpasar and Ho Chi Minh City, and the Middle East sectors such as Riyadh and Dubai. Over the next two months, Changi Airport will welcome more new flights. Notably, Jetstar Airways will launch their new daily service from Perth in December.

While such increases in weekly flights is good news for Singapore’s aviation industry, Mr Lim Kim Choon, Director-General and Chief Executive Officer, Civil Aviation Authority of Singapore (CAAS), remains cautious about the outlook for 2009. He said, “The strong growth in weekly scheduled flights this year demonstrates Changi Airport’s continued relevance as a major global aviation hub. However, 2009 will be a very challenging year for the aviation industry as the full impact of the global economic downturn is expected to be felt more acutely. CAAS recognises the tough operating environment of our airline partners and is committed to help our airlines ride out the downturn within our means.?

17 November 2008

The Straits Times
Tourism players woo locals to ride out downturn

Local patronage is something the tourism industry is counting on to ride out the current downturn. The Singapore Flyer, for example, is offering a deal in which two paying adults get to take two children under the age of 12 for free.

Ms Ng Lee Li, a section head at the Tourism Academy @ Sentosa, said that as a strategy to ride out the bad times, appealing to the local market is a sound one.

"The benefit of focusing on locals is its shorter lead time for marketing and planning," she said.

Ms Ng added that the current recession is a good time for local attractions to pull out all the stops for local customers, who are cutting back on non-essential expenses like holidays.

While some attractions have just cottoned on to the importance of local support, others, like Sentosa Luge and Skyride, have always chased the local dollar. Mr Lyndon Thomas, the general manager of Sentosa Luge Company, said the mix of customers it wanted from the start was a 50-50 split between locals and foreigners.

He said tourists come only once, but repeat customers are important to sustain the business. And for that, it has to depend on the locals.

Jewel Box at Mount Faber has also been hit by falling tourist numbers and has fewer group bookings now. But its chief executive officer Susan Teh said its strategy of targeting independent travellers and the local market has cushioned the impact.

She said: "The tourism industry life cycle is really short and our strategic intent is to have constant rejuvenation and innovation."

The Jewel Box, formerly the Cable Car Station, recently underwent a $10 million makeover which took eight months. Ms Teh said now was the time to make investments like this, which will prepare the company to meet the demand for its offerings in F&B outlets and cable-car rides when the market improves by 2010.

One company that is taking the route of training its staff to ride out the tough times is Ducktours. Its spokesman said it will take this time to recruit new staff to expand its capabilities.

Ms Teh said one good thing about the current downturn is that "it will strengthen the way we do things in the future, not to be dependent only on one source of the business, leading to creative thinking and solutions, one of the key criteria that is inadequate in the current tourism sector".

16 November 2008

Channel NewsAsia
Esplanade's ethnic festivals see rise in attendance figures

SINGAPORE: Singapore arts centre, the Esplanade, is in discussions to push through the building of two new medium-sized venues with a capacity of about 500 people each.

And one of their first uses could be to meet the demand for such mid-sized spaces at the Esplanade's three annual ethnic festivals, now in their sixth year.

But have Asian cultures grown out of sync with a more modern, pop world?

"In some ways, these Asian cultures - great as they are - do not exist in the mainstream world. But increasingly in this century, I think they will become so," said the programming director of the Esplanade, J P Nathan.

And the Esplanade says attendance numbers reflect this.

Since the three-day festivals were made ten-day events in 2004, attendance figures have doubled.

Changing population demographics, with a huge recent influx of foreign professionals, have also played a part.

"They are probably professionals of a certain age group who would attend this. And people who migrate to another country are more adventurous - they want to try out things," said Nathan.

A member of the public said: "It's very good for us Indian expats in Singapore. We are interested in arts and drama and whenever it comes here, we take the opportunity to go."

At Kalaa Utsavam, the Indian festival, the number of non-Indians attending is about 50 per cent.

At Pesta Raya, the Malay festival, the number of non-Malays attending is about 30 per cent, and the number of non-Chinese attending Huayi, the Chinese festival, is about 20 per cent.

The challenge now is to create new local productions and do more within the 10 days of the festivals.

“No matter how much we watch Phantom or Les Miserables, things that are produced locally can touch us deeper in ways that a foreign musical cannot because we laugh at ourselves and we accept ourselves and that gives us a new confidence," said Nathan.

15 November 2008

The Straits Times
Organiser loses appeal
He worked behind STB's back to hold event in New York, says judge

A BRITISH concert organiser who failed to deliver a mega-event here in 2005 was yesterday ordered to repay the Singapore Tourism Board (STB), which pumped $6 million into the now-infamous Listen Live show.
The decision by the country's highest court capped a long-running legal battle between the STB and Mr Tony Hollingsworth (above), the man behind the concert.

Listen Live had originally been billed as Singapore's biggest-ever entertainment event. It was to be beamed to about 500 million people worldwide and raise $150 million for disadvantaged children.

But the concert never got off the ground, and yesterday, the Court of Appeal laid the blame on Mr Hollingsworth, saying he had concocted an elaborate charade to dupe the STB into believing he could deliver the show.

Justice V.K. Rajah said the evidence showed that he made no reasonable efforts to get financing for Listen Live, and instead worked behind STB's back to stage the event in New York.

The judge said the 'patent lack of effort' by Mr Hollingsworth to secure artists and broadcasters was an example of the 'carefully orchestrated pretence'.

Mr Hollingsworth courted the Singapore Government in 2003, pitching a charity campaign that would culminate in a concert staged here.

Listen Live was touted to draw 20,000 tourists and bring in $30 million.

Celebrity names like Hollywood star Jamie Lee Curtis and Asian stars Wang Lee Hom, David Tao and Kit Chan were named as possible participants.

But in January 2006, five months after the STB signed a third and final agreement, Mr Hollingsworth dropped a bombshell. The event was being canned as there was not enough core financing.

By then, the STB had paid $6 million to Children's Media, a vehicle set up by Mr Hollingsworth to organise the event.

The STB sued Mr Hollingsworth, Children's Media and another of his companies, Tribute Third Millennium, to get back the money.

The defendants argued that the STB should not get back its money as the third agreement, which superseded the earlier ones, did not provide for a refund.

In May, a High Court judge ruled in favour of the STB, saying that Mr Hollingsworth, by 2005, had 'never intended to hold the event'. He found that before the third agreement was signed, Mr Hollingsworth had lied to the STB when he claimed core financing had been secured.

The defendants took the case to the Court of Appeal, where their arguments were rejected yesterday. The court also held Mr Hollingsworth personally liable for the refund, saying the companies were no more than 'corporate puppets' dancing to his tune. The amount he will be required to repay is expected to be determined at a future hearing.

14 November 2008

Channel NewsAsia
SM Goh visits Macau to study social impact of gaming industry

MACAU : Singapore's Senior Minister, Goh Chok Tong, is in Macau for a two-day working visit to find out more about the social impact of the gaming industry on Macau's society.

On Thursday, he visited two gaming resorts and was briefed by senior management about the economic contribution and employment opportunities the industry has brought to the territory.

Mr Goh met Macau Chief Executive Edmund Ho for lunch on Friday, and they had a friendly exchange of views.

The senior minister complimented Mr Ho for Macau's rapid transformation, and for adding a 'buzz' to the city.

Mr Ho briefed Senior Minister Goh on his plans to diversify Macau's economy by developing it into a major regional tourist destination and entertainment hub.

Both also exchanged views on the current financial crisis, as well as the challenges that Macau is currently facing.

Mr Goh returns to Singapore on Friday evening. - CNA/ms

14 November 2008

TODAYonline
Christmas switch-on to lighten up the gloom?

AFTER weeks of economic gloom, yesterday may have seemed a good time to herald the start of the holiday season.

And a number of festive activities and announcements did just that.

This year’s Orchard Road Christmas light-up, to be officially switched on tomorrow by President SR Nathan, will be themed “A Sweet Christmas in Singapore?and feature environmentally-friendly light emitting diodes which will cut energy consumption by 70 per cent, said the Singapore Tourism Board (STB).

Conceptualised by Singaporean music composer Dick Lee, the shopping stretch will be lit with candy cane street lamps and decorated with cupcake houses and giant doughnuts.

The decorations will centre around the Sweet Family who live in Christmas Town and run a Sweet Shoppe.

This year’s tourist numbers are not expected to exceed last year’s visitorship of 1.8 million in November and December, but Ms Geraldine Yeo, STB’s director of leisure marketing and events management, told radio 938Live that the Board is still hoping for a healthy turnout.

Meanwhile, a Santa Claus flew in from Finland to bring cheer to children at Nanyang Primary School and the KK Women’s and Children’s Hospital’s Children’s Cancer Centre yesterday.

Flown in by homegrown retailer of Scandinavian-designed furniture Scanteak, the Santa ?whose real name is Mr Timo Alarik Pakkanen ?also greeted invited guests and customers of the company at its Henderson Industrial Park outlet.

“Singapore’s a bit too warm for Santa, but it’s so clean and I love to be here,?said Mr Pakkanen.

A veteran Santa of 48 years, Mr Pakkanen will also visit cancer-stricken children at the National University Hospital before flying off on Monday.

Also launched was the Santa Claus Club in Singapore, one of fewer than 10 worldwide and the first in Asia.

The club is a partnership between the Santa Claus Finland Foundation and Scanteak, which owns the rights here. Scanteak customers who spend $800 or more will be entitled to a membership card, a letter and envelope addressed to Santa, a certificate and a stocking.

Over at Kreta Ayer and Pipit Road, about 30 staff from bread company Gardenia distributed 1,700 fruit and nut loaves to residents in one- and two-room rental flats.

Done in partnership with the Singapore Kindness Movement ?which celebrated Good Neighbour Day yesterday ?its aim was to reach out to the underprivileged, said Ms Lena Chew, Gardenia’s marketing communications manager.

14 November 2008

The Straits Times
Organiser to repay STB

A BRITISH concert organiser who failed to deliver a mega-event here in 2005 was on Friday ordered to repay the Singapore Tourism Board (STB), which pumped $6 million into the now-infamous Listen Live show.

The decision by the country's highest court capped a long-running legal battle between the STB and Mr Tony Hollingsworth, the man behind the doomed concert.

Listen Live had originally been billed as the country's biggest-ever entertainment event. It was supposed to beamed to about 500 million people around the world and raise $150 million for disadvantaged children.

But the concert never got off the ground, and on Friday the Court of Appeal laid the blame on Mr Hollingsworth, saying he had concocted an elaborate charade to dupe the STB into believing he could deliver the show.

Justice V. K. Rajah said the evidence showed that Mr Hollingsworth made no reasonable efforts to get financing for Listen Live and instead, was working behind STB's back to stage the event in New York.

He said the 'patent lack of effort' by Mr Hollingsworth to secure artists and broadcasters was 'but another example the appellants' carefully orchestrated pretence'.

Mr Hollingsworth courted the Singapore Government in 2003, pitching a charity campaign that would culminate in a concert staged here.

Listen Live was touted to draw 20,000 tourists and bring in $30 million.

14 November 2008

The Straits Times
Festive deals for tourists
STB unveils special events for Christmas

PROMOTIONS and special events have been lined up for the year-end Christmas and New Year festive period as the Singapore Tourism Board (STB) tries to shore up tourism numbers.
Yesterday, it unveiled activities built around the Christmas light-up of the downtown shopping belt stretching from Orchard Road to Marina Bay.

The light-up starts tomorrow and lasts till Jan 2.

STB director of leisure marketing and events management Geraldine Yeo said November and December tend to see the most tourists. Last year, the two months accounted for 1.8 million or 17 per cent of the full year's 10.3 million tourist arrivals.

The board has conceded it would fall short of its tourist-arrival and spending targets this year as a result of the global downturn, but it is nonetheless mounting an additional 'push' for this period.

From January to September, Singapore saw 7.6 million visitors, about 3.2 million short of the goal.

And with the recent depressed economic climate, the last quarter of the year is not expected to do as well as last year.

But still, STB hopes the promotions and events can draw visitors, especially those from the region, into spending their Christmas here.

Mr Robert Khoo, the chief executive officer of the National Association of Travel Agents Singapore, said tropical Singapore does have a year-end appeal for tourists, especially to those looking for an escape from the European or Russian winters.

For visitors from the region, the extra events lined up will, it is hoped, be an attraction.

To position Singapore as a value-for-money destination, more than 20 attractions and restaurants have teamed up to offer a 'Kids Holiday Free' promotion, under which any two paying adults can bring in two children under the age of 12 for free.

Participating companies include the Singapore Flyer, Singapore Zoo and Night Safari, the National Heritage Board museums and Hard Rock Cafe.

The Orchard Road Business Association is taking part in a bigger way this year, with events held around this year's 'Sweet Family' theme.

Costumed mascots will saunter down Orchard Road to meet people; booths will sell candy and other items.

Mr Steven Goh, the spokesman for the association, said the aim is to get both tourists and Singaporeans to spend, despite the downturn.

14 November 2008

The China Post
Sands asks for Singapore casino to open in stages

SINGAPORE -- Las Vegas Sands, squeezed by a global credit crunch, has asked to open its Singapore casino complex in stages instead of in one go at the end of next year, the city-state’s government said Thursday. The Singapore Tourism Board (STB) said it was considering a proposal by Las Vegas Sands for the complex to be opened progressively from the end of 2009.

Stephen Weaver, the head of Las Vegas Sands Asia, said in Macau that the company had run into construction difficulties.

“We were delayed a little in the construction. We ran into some foundation problems with an old sea wall,?he said.

14 November 2008

TIMES
LVS in a struggle to stave off bankruptcy

The once deafening, multibillion-dollar building sites along Macau's Cotai strip fell silent yesterday as a spiralling funding crisis at the Las Vegas Sands Corporation (LVS) stopped construction work in the world's new gambling capital.

In a further blow to the deeply troubled gambling titan, LVS was told that the Singaporean Government would not rescue the company if it runs out of money before the $2.7 billion (£1.8 billion) Marina Bay resort in Singapore is completed.

But the Government did not rule out the possibility that one of the country's giant sovereign wealth funds - GIC or Temasek - might step in to acquire the casino development.

In growing desperation, LVS is understood to have sent a formal request to the Government of Singapore to be allowed to open completed sections of its Marina Bay casino resort much earlier than planned.

As many as 11,000 workers are likely to be laid off because of the abrupt closure of the Macau building sites, adding to the deepening economic woes of the former Portuguese colony, as well as Hong Kong and the neighbouring province of mainland China.

The funding crisis follows weeks of gathering financial clouds over LVS - the company that owns the famous Venetian resort in Las Vegas and hoped to repeat that success in Macau by building an even bigger version on the doorstep of China's industrial heartland.

The shutdown comes amid concerns among industry veterans that the Chinese gambling fever which propelled the Macau gaming economy into the stratosphere earlier this year has suddenly died with the economic slowdown.

The Macau problems at LVS arise amid clear evidence that a wider crisis is stalking the gaming industry there. In a speech earlier this week, Edmund Ho, chief executive of Macau, issued what appeared to be a blanket guarantee for the industry.

“We will not allow any casino to just shut down and cease operations,?he said, stoking concerns that other casino operators may soon run into similar problems financing their building plans.

The closure of the LVS sites mark a humiliating blow for Sheldon Adelson, the 75-year-old entrepreneur whose entry to the Macau gaming scene has been beset by controversy.

He has relentlessly pursued the dream of making the Cotai strip a $15 billion “neon alley?to rival Las Vegas in both spectacle and scale. That vision has been laid low by the grim realities of the global financial crisis - in darkening times and with factories in Guangdong closing down at the rate of 20 per day, even China's notorious appetite for gambling has lost its edge.

Mr Adelson's critics and shareholders have regularly attacked his strategy for pursuing expansion much too aggressively.

For the moment at least, those doubts have been confirmed and the company will stand on the brink of bankruptcy if it defaults on some $5.2 billion of debt by the end of next month.

LVS announced on Monday a disappointing set of results that pointed to dwindling revenues at its vast Venetian resort, the largest casino on earth. But in a temporary fillip to investors, the company said that it had agreements to raise $2.14 billion in new capital - a figure that included a substantial sum from Mr Adelson and his family.

Yesterday, though, LVS's ability to meet its total funding burden looked more doubtful. Announcing the temporary shutdown of two sites under development next to the Venetian, LVS said that it was still trying to arrange between $1.5 billion and $2 billion in financing in order to set the concrete mixers churning again.

Stephen Weaver, the company's chief executive in Asia, said that it was not clear when that funding would emerge: “We've got $1.2 billion sunk in to the ground, we're not going to walk away from it,?he said. “I think there's no possibility that it's never going to start again.?

14 November 2008

Channel NewsAsia
Singapore Zoo assures visitors that white tiger exhibit is safe

SINGAPORE: A day after a cleaner was mauled to death at the Singapore Zoo's white tiger enclosure, officials assured the public that the exhibit is "very safe".

It held a news conference on Friday to clear any doubts even as it opened its latest S$12 million attraction called the Rainforest Kidzworld.

Visitors streamed in to view the attraction, which opened in time for the school holidays.

Executive director and CEO of Temasek Holdings, Ms Ho Ching, who launched the new attraction, said: "The zoo has deepened its own knowledge and expertise through the years.

"I have full respect for the team at the WildLife Reserves for their hard work, passion and constant care. It is amazing how their dedication and imagination have created a natural and safe wildlife habitat only half an hour away from the city lights."

Meanwhile, the chairperson of Wildlife Reserves - which owns the zoo - took the opportunity to speak about Thursday's incident at the white tiger enclosure.

Claire Chiang, non-executive chairman, Wildlife Reserves, said: "Let me take a few minutes to address the unfortunate incident at the white tiger exhibit yesterday. Our sympathies and condolences go to Mr Nordin Bin Montong's family.

"I would like to reassure all visitors that the white tiger exhibit is very safe and is as safe as any part of the zoo. The safety measures we have implemented exceed the standards recommended by the Association of Zoos and Aquariums (AZA).

"AZA is the internationally recognised organisation that accredits only institutions that have achieved rigorous standards for animal care, education, wildlife conservation and science."

Visitors, too, seemed to agree that the white tiger exhibit does not pose any danger.

Aaron Tan, a visitor, said: "The enclosure is actually quite safe as long as you don't go... into the enclosure itself. So I can still bring my kid here."

At a news conference later, zoo officials addressed other concerns raised, including the five-minute response time it took the sharpshooters to reach the scene.

Biswajit Guha, assistant director, Singapore Zoo, said: "The five-minute situation is essentially sufficient to go to a hotspot in the case of an animal escape. This was an extraordinary situation whereby someone had actually jumped in.

"Even if it had been a fall and the person was trying very hard to avoid the tigers and had gone to the deep end, we are quite confident he would have been able to move in, in time."

He added that firing tranquilisers would not have saved the cleaner as it could have further provoked the animals.

He added: "Tranquilisers don't work instantaneously. So it will take about five minutes before having an impact on the animal. And to have such a sharp impact coming into contact with an animal, it could provoke the animal more and there might be a more drastic reaction."

Meanwhile, the Singapore Zoo said it will not be stationing armed officers at the enclosures which are deemed dangerous. But it will definitely be increasing its patrols by the zoo's keepers and operational staff.

Staff who witnessed the incident or need counselling will also be taken care of.

The zoo hopes to re-open the white tiger attraction within the next few days. - CNA/vm

13 November 2008

Channel NewsAsia
Singapore Grand Prix awarded Motor Sport Facility of the Year

SINGAPORE: The SingTel Singapore Grand Prix, which was held in September this year at the Marina Bay circuit, has been awarded the title of Motor Sport Facility of the Year.

It received the industry accolade at the Professional MotorSport World Annual Awards ceremony in Cologne, Germany on Tuesday.

Now in their third year, the awards recognise international motor sports endeavours.

The Singapore Grand Prix ?the world's first Formula One night race ?was commended for its revolutionary track lighting. It also scored high points for the spectacular way in which the track was designed to weave through the heart of the city.

Other short-listed entries for this award included the European Grand Prix venue in Valencia, Spain; the new Toyota Racing Development chassis engineering building in Cologne, Germany; and a new racing facility in Sweden.

Other awards given out at the ceremony were for Safety Innovation, Testing Technology, Vehicle Development, Design Engineer and Team Principal of the Year.

13 November 2008

Channel NewsAsia
More flights operating out of Changi Airport despite economic slowdown

SINGAPORE: More flights are operating out of Singapore's Changi Airport despite the global economic downturn. That's according to figures for the Northern Winter 2008 season between October 26 and March 28 next year.

The Civil Aviation Authority of Singapore (CAAS) said from November 1, Changi sees a record weekly scheduled flights of 4,466. That's an increase of 3.5 per cent or 152 weekly flights, compared to levels recorded at the start of the year.

From December 1, the number of weekly scheduled flights are expected to go up by 8.9 per cent over January's figure.

CAAS attributes the strong numbers to the freeing up of air services between Singapore and Malaysia.

Singapore and Malaysia recently agreed to allow low-cost airlines to operate between Singapore and three cities in East Malaysia, namely Kuching, Kota Kinabalu and Miri, starting 1 November 2008.

AirAsia has launched daily services from Kuching and Kota Kinabalu to Singapore, and Tiger Airways and Jetstar Asia will follow suit with a new daily service to Kuching and Kota Kinabalu respectively over the next few weeks.

It added that the full liberalisation of the Singapore-Kuala Lumpur route, which takes effect on December 1 will further boost the number of weekly flights on the sector.

AirAsia, Jetstar Asia, Silk Air and Tiger Airways are adding a total of 180 new weekly flights on the sector.

CAAS said that although softening of travel demand has caused some airlines to rationalise their network at Changi Airport, the reduction in flights has been more than offset by the increase in new flights on intra-Asian sectors such as Bangkok, Phuket and Hong Kong.

The Middle East sectors such as Riyadh and Dubai are also doing well.

Over the next two months, Changi Airport will welcome more new flights. Notably, Jetstar Airways will launch their new daily service from Perth in December.

While such increases in weekly flights is good news for Singapore's aviation industry, Mr Lim Kim Choon, director-general and chief executive officer, Civil Aviation Authority of Singapore (CAAS), remains cautious about the outlook for 2009.

He said: "The strong growth in weekly scheduled flights this year demonstrates Changi Airport's continued relevance as a major global aviation hub. However, 2009 will be a very challenging year for the aviation industry as the full impact of the global economic downturn is expected to be felt more acutely.

“CAAS recognises the tough operating environment of our airline partners and is committed to help our airlines ride out the downturn within our means." - CNA/vm

13 November 2008

The Straits Times
Sweet Xmas in the tropics 

November and December typically are the busiest months of the year for tourism and STB hopes to attract more tourists to spend the festive season in Singapore. 

A SPECIAL family of characters have been specially created by the Singapore Tourism Board for this year's Christmas In The Tropics.
They will make their first public appearance this Saturday for the annual Christmas Light-Up at Orchard Road.

This year's Christmas lighting and theme revolves around the five-member cast of Mr and Mrs Sweet and their three kids who have come to Singapore to celebrate Christmas.

There will be special candies and merchandise linked to the characters to be sold, as part of the board's attempt to give this year's flagging tourism numbers a much needed boost.

November and December typically are the busiest months of the year for tourism and STB hopes to attract more tourists to spend the festive season in Singapore.

To shed the image of Singapore being too costly, special promotions have been launched for the first time where two adults get to bring two children under the age of 12 in to 30 selected attractions and restaurants including the Singapore Flyer, the Night Safari and more.

13 November 2008

AFP
S'pore Govt has no plans to bail out casino developments

THE Singapore Government has no intention of bailing out casino developments if they fail, the Senior Minister of State for Trade and Industry, Mr S. Iswaran, said yesterday.

Mr Iswaran was responding to reporters' questions on whether the Government might step in to rescue Las Vegas Sands' integrated resort (IR) project in Singapore.

'There has been no request for a government bailout by Marina Bay Sands, and neither does the Government intend to do one,' he said on the sidelines of a forum in Singapore.

'It has always been a commercial project and the solutions to the challenges posed by the current economic environment, the financial-market situation, lie in the commercial sector as well.'

Las Vegas Sands' United States-listed share price has plummeted to around US$8 (S$12) this month, from US$148 in October last year, on worries about its debt burden.

On Tuesday, the company announced a halt to some developments in the southern Chinese gambling enclave of Macau due to trouble accessing credit during the global financial crisis.

However, it said completion of Marina Bay Sands remains its top priority.

Las Vegas Sands chairman and chief executive Sheldon Adelson said on Tuesday that he had assured the Singapore Government that they were 'very committed to the success of Marina Bay Sands' and would have the funding necessary to complete the project.

The company also said it was 'in the process of' raising an additional US$2 billion in funding commitments.

That announcement was an assurance that the firm has enough resources to fund the Singapore project, saidMr Iswaran.

As to whether a government- linked company will bail out the IR, he said that such companies are 'commercial enterprises' which will 'have to make their own decisions' on whether an investment is viable or not.

Marina Bay Sands is scheduled to open in Singapore by the end of next year.

The Casino Regulatory Authority of Singapore has allowed Las Vegas Sands to raise its gaming-table count to 1,000, from 600. - AFP

13 November 2008

The Straits Times
STB considers Sands proposal 
The parent company has asked to open the Marina IR in stages
   
The Marina Bay Sands project hit the headlines recently because of concerns over its parents company Las Vegas Sands' ability to continue operating.

THE Singapore Tourism Board on Thursday confirmed that it has received a proposal from Marina Bay Sands to defer the opening of certain portions of the Marina Bay integrated project.

STB chief Lim Neo Chian said: 'Marina Bay Sands had earlier committed to completing the integrated resort in a single phase by end 2009. However, it recently submitted a proposal for a progressive opening from end 2009 onwards. STB is considering the proposal.'

He declined to reveal more details as 'discussions are underway'.

The Marina Bay Sands project hit the headlines recently because of concerns over its parents company Las Vegas Sands' ability to continue operating.

The casino operator's auditor said it may not be able to meet lenders' requirements unless it raised more capital and downsized its developments.

That put the spotlight on Singapore's first IR which watchers worry may fail should the operator go bankrupt. However, the company said on Tuesday, during an earnings call, that the Singapore project remain its 'top priority'.

It is also suspending projects in Las Vegas and Macau, but going full steam ahead to continue with the Marina Bay Sands IR.

Mr Lim said on Thursday: 'We welcome LVS' affirmation that it will focus its development activitie and available capital principally on the timely completion of two of its developments - one of them being the MBS.'

13 November 2008

Travel Blackboard
Suntec Singapore wins bid to host TFWA and GATE ONE2ONE

Suntec Singapore has been chosen to host TFWA (Tax Free World Association) Asia Pacific exhibition and the GATE ONE2ONE event from 2010 to 2012.

TFWA is the world’s largest Duty Free & Travel Retail association with a membership of more than 420 high-end luxury brands.

“TFWA is a highly significant event and we are proud to welcome them back to Singapore and Suntec Singapore. Singapore’s strategic location is ideally located within easy access from ASEAN countries as well as the newly emerging economies in the region.

“We are operating in challenging times amidst the many (MICE) venue offerings and we are indeed honoured to be the chosen venue for TFWA Asia Pacific yet again,?commented Pieter Idenburg, CEO of Suntec Singapore.

“TFWA is an event that requires a city and a venue that is capable of meeting its exact requirements on quality, ambience and capability and we are elated that Suntec Singapore’s track record as Asia’s leading convention centre has been recognised by the team at TFWA.?br>
TFWA Asia Pacific has been anchored in Singapore and at Suntec Singapore annually since 1995 -with a two-year break in 1998-99 when the show shifted to Hong Kong.

The event in May this year, the biggest in the TFWA’s history, saw a 12% increase in exhibitor numbers and a 15% increase in floor space.

The event attracted close to 2,000 visitors that included landlords of major airports, buyers, operators, agents as well as trade visitors.

In recent months, Suntec Singapore has hosted numerous prominent events including the inaugural ITB Asia, PBD Singapore 2008 and Singapore International Water Week 2008.

To date, the venue has hosted more than 1,300 events and will host another 200 more events by the end of this year ?ranging from conventions, exhibitions, corporate meetings, incentive groups to F&B events/catering.

Suntec Singapore has also recently won the bid to host the International Congress of Principals in 2009 and Chartered Financial Analysts Annual Conference in 2013.

13 November 2008

The Straits Times
Hongbao show at Marina Bay 
The show will be staged on the Floating Platform  
   
The River Hongbao, which runs from Jan 24 to Feb 1, will feature nine nightly performances. 

NEXT year's River Hongbao show will be staged at the Marina Bay Floating Platform for the first time.
Briefing the media on Thursday, chairman of the River Hongbao 2009 Organising Committee Sam Tan called the venue a 'wonderful' place which will showcase the Singapore skyline. The Singapore Flyer and the Marina Barrage are visible from the Platform.

Mr Tan added that it is a centralised location which can accommodate more people.

Committee member Perng Peck Seng also said that given the excellent infrastructure at the platform, the move will result in savings of hundreds of thousands of dollars.

The annual event, which runs from Jan 24 to Feb 1, will feature nine nightly performances. The grand finale will be a dinner celebrating the seventh day of the Chinese New Year, which will bring together 1,000 people

The Singapore Tourism Board (STB) says the River Hongbao typically attracts 400,000 to 500,000 visitors every year. It is jointly organised by STB, Singapore Press Holdings, the Singapore Federation of Chinese Clan Associations, People's Association and the Singapore Chinese Chamber of Commerce and Industry.

13 November 2008

Asia Times
Singapore, Sands stand by their bets

HONG KONG - Singapore Prime Minister Lee Hsien Loong's 2005 decision to overturn the government's long-standing opposition to casinos and make the island a gambling mecca that might rival Macau looked a safe bet at the time. The global economy was thriving and gamblers in China and elsewhere in the region were awash in cash and willing to cross borders to gamble in ways they couldn't in their home states.

Three years on and Lee's gamble looks less secure. Las Vegas Sands (LVS), the government's partner in the downtown Marina Bay Sands project, is staving off talk of bankruptcy after seeing revenues dive and its share price plummet. Tourist arrivals to Singapore are meanwhile sliding amid the global downturn and even Macau, the benchmark for gambling projects in Asia, is struggling to maintain momentum.

Prime Minister Lee raised the issue of "integrated resorts", in which entertainment would feature strongly alongside casino operations, soon after taking the helm in autumn 2004. He'd previously opposed casinos for the Lion City, as had his father, former prime minister turned Minister Mentor Lee Kuan Yew, but endorsed the concept to boost Singapore's share of tourism in Asia.

"We want Singapore to have the X-factor - that buzz that you get in London, Paris or New York," Lee told parliament as he introduced the integrated resort plan in April 2005. Previous proposals had focused on a single casino, but Lee called for two, one in Marina Bay and one on Sentosa, a beach resort island.

Margaret Teo, the director of integrated resorts at the Singapore Tourism Board (STB), said the aim was to double Singapore's tourism arrivals from 2005 to 17 million visitors and triple tourism receipts to the equivalent of about US$20 billion.

The proposals elicited unprecedented grassroots opposition, with thousands of citizens signing anti-gaming petitions, partly on concerns of hard-won family earnings being thrown away at the tables, and partly because Singaporeans largely believed in the government's prescription of getting ahead by honest work rather than by looking for shortcuts.

In response, the government slapped a S$100 (US$66.70) daily fee on Singaporeans who wanted to try their luck and founded a National Council on Problem Gambling. Underlining its goal of attracting tourists rather than merely gamblers, the government limited casino floor space to 15,000 square meters (161,000 square feet), or less than a third as big as the gaming floor of Venetian Macao, a huge Las Vegas Sands project then being built in Macau.

Many experts believed the government would want a piece of the betting action, and argued that the winning developers were sure to be partnered with Temasek, an investment arm of the Singapore government. Others argued that even without investing a dime, Singapore and Prime Minister Lee had already staked a huge bet by going ahead with the integrated resort concept in the first place. After all the bids were in, Singapore's government chose the two most attractive proposals, and neither had a Temasek-linked partner.

With the global economic crisis buffeting LVS and other casino operators around the globe, Singapore may now need to put more chips on the table.

Good bet in Vegas
A factor in the government selection of LVS as Marina Bay's developer was billionaire LVS chairman Sheldon Adelson's success in repositioning Las Vegas as a convention destination. The American company promised to build for Singapore the world's most expensive casino resort, estimated then to cost US$3.2 billion, and open it by the end of 2009. The Marina Bay Sands proposal features 120,000 square meters of convention space, 2,600 hotel rooms, a museum, shopping mall, two 4,000 seat theaters and an outdoor arena for up to 10,000 spectators.

LVS was on a roll in 2006. Its Sands Macao introduced Las Vegas casino style to Asia in 2004 and recouped its US$265 million cost within a year of opening. LVS's US$16 billion investment agenda for Asia included the US$2.4 billion Venetian Macao, which opened in August 2007, as the centerpiece of an Asian version of the Las Vegas Strip in Cotai, a 3.8 kilometer patch of landfill connecting Macau's two outlying islands.

The unprecedented plan for 20,000 hotel rooms and five casinos targeted the seemingly insatiable demand for gaming and other entertainment from emerging affluent Asia, especially from mainland China on Macau's doorstep. "Up until July 2007, banks were falling over themselves to lend to LVS - and on the Macau story," said Robert Hecker, managing director of hotel and leisure consultant Horwath Asia Pacific.

Last week, LVS conceded its ambitious plans had caught up with it and that it was at risk of defaulting on portions of its US$10.35 billion debt. First, the Las Vegas market took a hit as fuel prices surged and then suffered a follow-up blow from the overall US economic slump. Next up, the Macau casinos were squeezed by the global economic downturn, increased competition and a decision by the Chinese government to tighten restrictions on mainland visitors to the former Portuguese enclave.

On Monday, LVS reported a third-quarter loss of US$32.2 million. That was an improvement on the US$48.5 million loss reported a year earlier, but adjusted earnings for the period slumped to US$8.1 million from US$41.8 million 12 months earlier, even though the Venetian Macao, the world's largest casino, operated for the entire quarter compared with just one month in 2007. The company this year also had earnings from the adjacent Four Seasons Macao, which opened in August. The company's share price has tumbled to US$7.50 from above US$144 in October 2007.

Not for export
"Macau is killing them," said Lipsher Accountancy principal Laurence Lipsher, based just across the border in China's Guangdong province. "They thought they could export Las Vegas. They can't - the shopping and restaurants are dying and the convention business that Adelson promised just has not happened."

LVS is responding by raising US$2.14 billion in capital and suspending construction in Macau to conserve cash, wire agencies reported. Adelson, who controls nearly 70% of LVS with his wife, lent the company US$475 million in September that he plans to convert to shares and is anteing up another US$525 million in this funding round.

The company has also held discussions with Singapore government officials and Adelson emerged from talks last week with a promise that the Marina Bay Sands would be completed, though the government appears to have had to soften its previous line on gambling limits. LVS said it had won approval from the island's gaming watchdog to increase the number of gaming tables to 1,000 from 600.

STB's Margaret Teo welcomed Adelson's commitment, adding, "We remain in dialogue with Marina Bay Sands and will continue to work closely with them to facilitate the completion of the integrated resort project."

Whatever the merits of the initial decision to introduce the casino projects to Singapore, Premier Lee can claim some prescience as the city looks to how it can recover from the battering it is now taking from the global economic downturn. The economy fell into recession in the third quarter with a 6.3% contraction, according to preliminary government figures. Tourism numbers featured large in the downturn, with September tourism arrivals declining 4.1% from the previous year, even with the inaugural running of the Singapore Grand Prix.

"Singapore is a hub for the Asian financial industry, and all of the big financial companies are having problems," Andy Nazarechuk, dean of the UNLV Singapore campus, said. "That means fewer trips, reductions in staff, more caution in how they spend money. This is one of the reasons why Singapore, after a solid year, is softening now."

The decline in visitors reflects the challenging global economic environment and deteriorating outlook for the tourism sector, which may continue into 2009, the STB said in a statement accompanying the latest statistics. The new casinos and related business could then prove key to pulling the city-state out of recession when they start to open doors to visitors next year.

"Casinos are certainly still a winning bet," Judy Siguaw, dean of the Cornell-Nanyang Institute of Hospitality Management in Singapore, says. "[However] casinos, as with all businesses, must be well thought out and appropriately planned for the market. Those that are will succeed. Over-development must be avoided."

Many experts also believe Singapore made the right choice with LVS for Marina Bay, despite the company's present problems. "The alternatives to LVS as a bidder were MGM and Harrah's Entertainment and both face the same financial issues as LVS," says gaming analyst Sean Monaghan, now director of business development at Gallant Venture.

UNLV's Nazarechuk agrees. "Singapore selected the correct operator for the Marina Bay Sands - the main focus of this mega resort is the MICE industry [meetings, incentives, conventions, exhibitions], a sector LVS knows well, and that is a great asset for the Singapore market. The casino will generate revenue, but the hotel and convention space will bring in more business for Singapore."

There is so far no indication that the government will help LVS financially as the company seeks to meet its claim that it will open Marina Bay Sands by the end of next year, despite widely reported construction delays. Even so, the government investment arm Temasek, which holds stakes in many of Singapore's largest companies, has recently invested in struggling Western banks.

LVS "don't really need that much money to avoid bankruptcy, only a half billion dollars or so", Devin Otto Kimble, managing director of restaurant and microbrewery group Menu, notes. "Temasek put 10 times that much into Merrill Lynch, and the Marina Bay Sands has much more important implications for the country and jobs here than the failure of an investment bank in New York."

Singapore has said it will not issue a gaming license until the property is completed. But analysts say it would not be surprising if next December the Marina Bay Sands opens its casino plus a handful of hotel rooms and shops while construction continues on the rest of the integrated resort. Premier Lee has made his bet on the development's success, and his arguments for it strengthening the island's tourism business still appear to stand.

13 November 2008

AGENCE FRANCE-PRESSE
Sands asks for Singapore casino to open in stages

Las Vegas Sands, squeezed by a global credit crunch, has asked to open its Singapore casino complex in stages instead of in one go at the end of next year, the city-state's government said.

The Singapore Tourism Board said it was considering a proposal by Las Vegas Sands for the complex to be opened progressively from the end of 2009.

Las Vegas Sands, headed by gaming tycoon Sheldon Adelson, on Tuesday announced a halt to some developments in Macau due to trouble accessing credit during the global financial crisis.

Around 9,000 construction workers are to lose their jobs as a result, the head of Sands Asia said Thursday.

But Las Vegas Sands said this week that completion of the Singapore project remains its top priority.

13 November 2008

TODAYonline
No bailout

IT’S OFFICIAL: Taxpayers?money will not be used to bail out Las Vegas Sands.

Amid rife speculation over the past two weeks, the Government has made it clear that it will not step in to help the American gaming company whose mountain of debts is threatening to scuttle its plans to build one of Singapore’s two integrated resorts (IR).

Since Sands revealed that it was on the verge of bankruptcy, tongues have been wagging that it would receive a helping hand from the State.

The project ?given the green light by officialdom in spite of vocal opposition from certain segments of society ?was surrounded by much hype over the two IRs creating some 60,000 jobs, tripling visitor spending and raising national branding.

It was too strategic to let any of the IRs go belly up, went the chatter of analysts and bloggers.

After all, s:tate bailouts are back in vogue since the onset of the financial crisis. Britain and the United States have taken stakes in ailing banks as a way of saving these too-big-to-fail giants that form the backbone of their economies.

Yesterday, Senior Minister of State for Trade and Industry S Iswaran laid down the facts.

“There has been no request for a government bailout by Marina Bay Sands and neither does the Government intend to do one,?he said bluntly.

Speaking hours after Sands boss Sheldon Adelson pledged a second cash infusion into his company, Mr Iswaran said the news gave the “assurance?that Sands had sufficient resourcesto finance the US$4.5-billion($6.7 billion) IR.

Instead, the IR “has always been a commercial project and the solutions to the challenges posed by the current economic environment and the financial market situation, lie in the commercial sector as well? he said on the sidelines of a business conference.

What about the possibility of a Government-linked company stepping in?

Mr Iswaran said: “Government-linked companies are commercial enterprises. They have to make their own decisions on whether an investment makes sense for them or not. It’s not for the Government to tell them what to do.?

Still, observers have already singled out some names as possible investors: State-owned investment firm Temasek Holdings and CapitaLand, a property developer partly held by Temasek.

CapitaLand, however, recently stated it would make an acquisition only if it were “at the right time, right price?and when target returns were fulfilled.

The Marina IR is slated to be completed by end-next year, but the Singapore Tourism Board is now reviewing Sands?request to adjust the timeline.

According to their contract, both the Government and Sands have certain rights, including to exact penalties for delays. Before deciding to exercise those rights, the Government will monitor the situation closely, said Mr Iswaran.

He added that although delays in parts of the project could lead to some of the IR’s projected jobs being put on hold, there was no reason to think a big portion of the jobs would be lost.

The stakes are high for the Singapore economy. Just as much -- if not more -- is at stake for Mr Adelson and the casino empire he built from scratch.

When the gaming magnate said late Tuesday that he was pumping in another US$525 million into Sands -- on top of the US$475-million infusion last month -- he showed his determination to keep the business alive.

Mr Adelson also showed where his priorities lay when Sands decided to halt the development of its Macau casinos, to focus on the Singapore project. -- Reporting by Channel NewsAsia

12 November 2008

Channel NewsAsia
CAAS launches online travel portal offering best airfares

SINGAPORE: Singapore's latest travel portal offering some of the best airfares around is not the brainchild of a dotcom entrepreneur.

Instead, it is an effort by the Civil Aviation Authority of Singapore (CAAS) to enable users to compare the best deals for flights into and out of Singapore at a glance and to make bookings.

At ViaSingapore.com, a search engine will comb over 100 websites in real time for the best airfares on offer.

Search results will include fares on both full-service airlines and low-cost carriers, with the lowest airfares featured upfront.

The portal also has information on accommodation, tour packages and upcoming events.

CAAS' director-general and chief executive officer, Lim Kim Choon, said the portal would also help travellers explore the Asia-Pacific region from Singapore, and is part of the authority's ongoing efforts to enhance Changi Airport's attractiveness as an air hub.

12 November 2008

Reuters
Singapore mulls phased opening for Las Vegas Sands

Singapore said on Wednesday it may let Las Vegas Sands (LVS.N: Quote, Profile, Research, Stock Buzz) open its casino in the city-state in phases from the end of 2009 instead of all at once due to the difficult economic conditions.

U.S. casino operator Las Vegas Sands this week raised about $1 billion to shore up its finances and said it would halt or delay projects in Macau and the United States to conserve cash. [ID:nN11518067]

The firm said, however, that it would continue work on the planned Marina Bay Sands casino resort in downtown Singapore, which is expected to cost nearly $5 billion.

Marina Bay Sands "had earlier committed to completing the integrated resort in a single phase by end-2009. However, it recently submitted a proposal for a progressive opening from end- 2009 onwards," the Singapore Tourism Board (STB) said.

"STB is considering the proposal."

The board also said Las Vegas Sands will invest about $500 million in additional equity to ensure the Singapore project is completed.

The Marina Bay Sands, which will form part of the extension to Singapore's central business district, will comprise a casino, hotels, convention and retail space as well as various entertainment facilities.

12 November 2008

Channel NewAsia
Singapore govt will not bail out Marina Bay IR project

SINGAPORE: The Singapore government says it will not bail out the Marina Bay Sands integrated resort project in Singapore, which is being built by troubled United States gaming firm Las Vegas Sands.

And Senior Minister of State for Trade and Industry, S Iswaran, says Sands has also not requested for a bailout.

There have been concerns about whether Sands has the financial ability to finish the resort at Marina Bay, after it ran into financial difficulties.

Sands has been working to avoid defaulting on bank covenants and announced on Tuesday that it was raising some US$2 billion in capital.

Las Vegas Sands won the bid two years ago to build the Marina Bay integrated resort, one of Singapore's tourist magnets. The S$5.4 billion project, to be ready next year, is a commercial one from the start. That is why Singapore authorities will not bail it out should it fail.

There has been speculation, though, that government-linked companies may be interested. But Mr Iswaran made it clear that it is something for the companies themselves to decide.

"Government-linked companies are commercial enterprises. They have to make their own decisions on whether an investment makes sense for them or not. It's not for the government to tell them what to do," he said on the sidelines of an industry conference.

For now, construction work continues at the integrated resort. Sands said it has the money to see the project through, after raising over US$2 billion in capital.

"This fund-raising that Sands has done is an example of what they need to do in this environment in order to strengthen their balance sheet and be able to fund the relevant project. They have to do some prioritisation and that is what I think they are doing, and that is the right thing," said Mr Iswaran.

On the jobs front, Mr Iswaran said Marina Bay Sands has already started recruitment and there is no reason to think that a substantive portion of those jobs will be lost. However, some of them could be deferred due to delays in some elements of the project.

Mr Iswaran revealed that Sands has asked the Singapore Tourism Board to adjust the time-line for the construction of the resort. The request is being reviewed.

The government and Sands have a development agreement which sets out clear rights for both parties, including penalties for delays. But Mr Iswaran said the government will monitor the situation closely before deciding on exercising those rights.

In a statement late Wednesday, the Singapore Tourism Board (STB)said discussions are still ongoing. So it is unable to provide more details on Sands' proposal for a progressive opening starting of the integrated resort from the end of 2009.

The STB added that Las Vegas Sands expects to invest some US$500 million in additional equity in the Marina Bay project.

STB welcomes Sands' affirmation to focus its development activities and available capital on the completion of Marina Bay Sands.

12 November 2008

International Herald Tribune
Singapore will not bail out struggling casino operator

SINGAPORE: Singapore will not bail out the troubled casino operator Las Vegas Sands if it runs out of money before finishing a $2.7 billion casino and resort in the city-state, Trade Minister S. Iswaran said Wednesday.

Iswaran did not rule out the participation of government-owned companies in the project, known as Marina Bay Sands, should Sands run out of funding, Iswaran said on the state-run Channel NewsAsia. Sands has not asked the government for money, Iswaran said.

Sands plans to suspend several casino projects in Macao and Las Vegas after saying last week it was in danger of breaching lending conditions and defaulting on $5.2 billion in debt.

Sands said Tuesday that it priced a public offering of 181.8 million common shares at $5.50 per share, which would raise about $1 billion.

Shares in Sands fell about 33 percent Tuesday to $5.34. Since December, they have fallen from more than $122.

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Sands, one of the casino companies hit hardest by an economic slowdown that has savaged the gambling industry, also said it would sell preferred stock and warrants to the family of its chief executive, Sheldon Adelson.

Analysts said Sands planned to raise $2.14 billion in new capital.

The company's auditor said last week that there were doubts about the ability of Sands to continue as a going concern.

"It clearly points to the fact that the company is in a do-or-die situation," said Sumit Desai, gaming industry analyst at Morningstar.

"What they are doing," Desai added, "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."

The problems for Sands represent a stunning reversal for Adelson and his ambitious gaming company, which only last year opened the world's biggest casino in Macao.

In a regulatory filing Monday, Sands hinted at disagreements in its boardroom.

Sands said its board had formed an executive committee and had given it powers "to resolve disagreements among management."

The filing said the committee had been formed to "address a number of outstanding differences between our chief executive officer and other senior management members and in response to a loss of confidence by certain senior management members in the management of the company and our governance process."

Sagging U.S. consumer spending has hurt business in Las Vegas, where Sands operates the Palazzo and Venetian resorts, as well as the Sands Expo and Convention Center.

12 November 2008

AP
Singapore won't bail out Sands project

Singapore won't bail out troubled casino operator Las Vegas Sands Corp. if it runs out of money before finishing a $2.7 billion casino-resort in the city-state, Trade Minister S. Iswaran said, a state TV channel reported.

Iswaran didn't rule out the participation of government-owned companies in the project, known as Marina Bay Sands, should Sands run out of funding, Channel NewsAsia said Wednesday. Sands has not asked the government for money, Iswaran said.

Sands plans to suspend several casino projects in Macau and Las Vegas after saying last week it was in danger of breaching lending conditions and defaulting on $5.2 billion of debt.

The company raised $2.14 billion in new capital this week by selling shares to investors, including billionaire chief executive Sheldon Adelson.

12 November 2008

The Straits Times
Fall in foreign patients
But 350-bed hospital in Novena goes ahead as outlook is still healthy

ONE of the country's largest private health-care providers has seen a drop in foreign patients, a possible sign that the global financial crisis is hitting the lucrative medical tourism industry.

The number of medical tourists at Parkway hospitals in Singapore has dipped 5 to 7 per cent in the past three months, said group president and managing director Lim Cheok Peng yesterday.

The decline has been especially precipitous among its Indonesian patients who, along with Malaysians, traditionally make up the bulk of Singapore's 400,000 medical tourists each year.

They come for a range of treatments including day surgery and routine health checks. Spending on medical tourism averaged about $1.3 billion in 2006.

Despite the recent decline, Parkway is going ahead with plans to build a 350-bed hospital in Novena that will specialise in the treatment of cancer and heart problems, among other illnesses. Scheduled to be finished in 2011, it is coming up on a 1.7ha Irrawaddy Road plot secured earlier this year for $1.2 billion.

Speaking at a ground-breaking ceremony for the hospital yesterday, DrLim said the company remains bullish about the long-term prospects of medical tourism.

While medical tourist numbers could drop 10 per cent, Parkway will look towards non-traditional markets such as Russia, Ukraine and Kazahkstan to boost numbers.

During the Severe Acute Respiratory Syndrome (Sars) crisis in 2003, Parkway froze wages across its three hospitals - Gleneagles, Mount Elizabeth and East Shore - as business dipped.

Chairman Richard Seow said it was too early to say whether the latest financial crisis will result in a wage freeze. And despite the economic downturn, which has seen Singapore enter recession territory, the group has no immediate plans to cut staff numbers or delay current hospital projects here and overseas.

'The health-care industry is somewhat recession-proof. Good times or bad times, health is an important part of people,' said Mr Seow.

Parkway's dip in the number of international patients appears to be part of a wider slowdown in the medical tourism sector.

Health Minister Khaw Boon Wan, who was the guest of honour at yesterday's ceremony, revealed growth was 'flat' last year compared to 2006.

A Singapore Tourism Board spokesman said Singapore saw more than 400,000 medical tourists last year.

Mr Khaw said growth has been hampered by a shortage of beds in the country's hospitals.

'Both public hospitals and private hospitals are short of capacity so that is why I welcome this development,' he said, referring to the new Novena hospital.

The Health Ministry is planning to open two new hospitals in the next seven years. One in Jurong could welcome patients ahead of its scheduled 2015 opening date, said Mr Khaw, as softening construction costs make the 550-bed hospital easier to digest.

The national aim is to treat one million foreign patients a year by 2012.

12 November 2008

The Straits Times
Sands' $3.22b plan

Calling it 'probably the most important project' in the LVS portfolio, Sands president and chief operating officer William Weidner said the Marina Bay project offered 'terrific returns on investment'. 

LOS ANGELES - BILLIONAIRE Sheldon Adelson has doubled down on his half-billion dollar bet this fall on Las Vegas Sands in a plan intended to keep the company from defaulting on its debt and falling into bankruptcy.

The plan for infusing US$2.14 billion (S$3.22 billion) in new capital into the company dramatically reduces Mr Adelson's controlling stake even as he agreed to invest another US$525 million.

The company will not seek shareholder approval for the emergency plan it announced on Tuesday, even though it more than doubles the number of outstanding shares, massively diluting their value for current shareholders, claiming an exception in New York Stock Exchange rules.

The company warned that any delay caused by getting shareholder approval 'would seriously jeopardise the ability to complete the offerings as well as the financial viability of the company.'

The transactions are set to close on Friday.

Trading in the Las Vegas-based company's stock on the New York'Stock Exchange was halted briefly on Tuesday. It closed down 33 per cent, or $2.66, at US$5.34, after trading resumed. The stock has traded between US$4.32 and US$122.96 during the past 52 weeks.

Analysts greeted the plan with caution.

'We view the capital raise as a mixed blessing,' Morgan Stanley analyst Celeste Mellet Brown said in a research note.

'While it appears the company has alleviated bankruptcy risk, it has done so at a heavily dilutive price.'

'In this market, capital comes at a high price,' noted Stifel Nicolaus analyst Steven Wieczynski, 'and Las Vegas Sands is certainly paying for it.'

The company said it would raise US$1 billion in capital by selling 181.8 million new shares at US$5.50 apiece and another US$519.6 million in the form of new preferred stock priced at US$100 each.

Mr Adelson, the 75-year-old founder and chief executive, will buy with his wife Miriam US$525 million in preferred stock and must convert into common stock the US$475 million in convertible notes they purchased a month ago.

Investors in the preferred shares, including the Adelsons, received with each one a five-year option to buy another 16.7 common shares at US$6 - which could raise another US$1.04 billion.

Some 460.5 million new common shares will be released on top of the 355.7 million already in circulation so - despite the new investment - the Adelson family's stake in the company will fall to just over 51 per cent, down from 69 per cent earlier this year. Once the plan goes through and the capital is raised, their stake will be about US$2.2 billion.

The company's current situation is a remarkable setback for Mr Adelson, once considered the third richest man in America by Forbes magazine with an estimated worth of US$28 billion as recently as September 2007, much of which was tied up in shares.

Since hitting US$145.57 on Oct 2, 2007, Las Vegas Sands shares have lost 96 per cent of their value.

The action follows Sands' announcement last week that it is in danger of breaching lending conditions and defaulting on US$5.2 billion in credit facilities secured by its Las Vegas operations.

Sands reported weaker-than-expected results Monday for the third quarter and said it suspended several projects, including its US$600 million St. Regis condominium tower in Las Vegas and two sites on the Cotai Strip in Macau.

The Macau sites cost US$1.16 billion so far and would cost another US$430 million through June to suspend.

On Tuesday, Macau's leader, Chief Executive Edmund Ho, said the government of Chinese gambling enclave was aware of Las Vegas Sands' funding difficulties, but was not in a position to intervene.

'Because of its over-leveraged borrowing in the US and around the world, it's normal and expected that it has to suspend some of its projects,' he said.

'Until now, the Macau government has no concrete measures to help it solve its financing difficulties immediately,' he said. -- AP

12 November 2008

The Straits Times
Adelson's rise and fall
 
It's too early to count the 75-year-old entrepreneur out, long-time associates say, according to Bloomberg news.

LAS VEGAS - NO ONE climbed the list of American billionaires faster than Mr Sheldon Adelson. And this year no one is falling any more quickly.
A year after calling critics of his expansion strategy for Las Vegas Sands wrong, Mr Adelson on Nov 10 was forced to slow or suspend new projects from Macau to Pennsylvania and invest US$525 million (S$788 million) of his family's money in the company to avoid bankruptcy. That's on top of US$475 million he put up in September.

Even so, it's too early to count the 75-year-old entrepreneur out, long-time associates say, according to Bloomberg news.

'If the world came to an end, there would be cockroaches and Sheldon', said Mr David Kaminer, 64, a former vice president at an Adelson operation that ran the Comdex computer trade show in Las Vegas. 'And Sheldon would immediately be smart enough to open a pest-control company'.

Mr Adelson, 75, a former bagel salesman who said in 2006 he would end up richer than Bill Gates, now faces dissension within the ranks of his senior managers, according to a regulatory filing that disclosed the formation of a committee to 'resolve disagreements'.

As the credit crunch and economic decline squeeze gambling's growth, he risks the loss of some of his trophy properties, said Mr John Staszak, an analyst with Argus Research in New York.

'He's bought time' with the new capital infusion, said Mr Staszak, who has a 'sell' rating on the stock. 'The future is not good, quite frankly'. Las Vegas Sands lost US$32 million in the quarter ended Sept 30.

Mr Adelson's company, best-known for the Venetian casino on the Las Vegas Strip, said on Tuesday it will raise US$1.62 billion from sales of preferred stock, warrants and 181.8 million common shares at US$5.50 each.

That increases the outstanding common stock by more than 50 per cent.

Las Vegas Sands shares fell US$2.66 to US$5.34 on Tuesday, taking their one-year decline to 95 per cent. The stock peaked at US$144 in October 2007.

The value of Mr Adelson's two-thirds stake fell to less than US$2 billion after surpassing US$32 billion last year.

Underlining what's at risk for Mr Adelson and his company, the government of Macau - the Chinese gambling hub where Las Vegas Sands collects two-thirds of sales - said on Tuesday that it would take over any casino that goes bankrupt.

Macau Chief Executive Edmund Ho told reporters he wasn't referring specifically to Las Vegas Sands.

Las Vegas Sands spokesman Ron Reese didn't reply to two calls from Bloomberg seeking comment.

The son of a Lithuanian immigrant taxi driver, Mr Adelson grew up in Boston where he shared a one-bedroom apartment with his parents, two brothers and a sister, Mr Kaminer said.

After selling newspapers and bagels as a teen, he worked as an advertising salesman, investment adviser and magazine publisher before founding Comdex in 1979.

The US$800 million sale of his trade-show company gave him the cash to build a casino empire.

He delighted in his run up the Forbes list of wealthiest Americans after he took Las Vegas Sands public in 2004. Ranked No. 60 in 2004, with a net worth of US$3 billion, he reached No. 3 in 2006, with US$20.5 billion. That year, he said he had already figured out when he would pass Mr Gates to top the list.

During this period, Mr Adelson got rich faster than anyone in history, 'making just under US$1 million an hour', said Mr Peter W. Bernstein, co-author of All the Money in the World, a study of billionaires on the Forbes list out in paperback next month.

Losing US$3.5m an hour
Forbes recalculated its rich list for the Oct 27 issue and found Mr Adelson's fortune dropped US$4 billion from Aug 29 to Oct 1, the steepest decline for any American who lost at least US$1 billion.

At his present pace, the one-year loss may rank as the largest ever for a US billionaire in percentage terms, according to Mr Bernstein.

Since Las Vegas Sands stock peaked, Mr Adelson lost about US$3.5 million an hour, counting just the value of his stake, said Bloomberg.

Mr Adelson expanded at 'the worst possible time', said Mr Travis Sell, a consumer-industry analyst at Minneapolis-based Thrivent Asset Management, which doesn't own shares in Las Vegas Sands.

Gaming revenue for Las Vegas Strip casinos fell for the eighth straight month in August from a year earlier, the longest streak of declines since records began in 1983, according to the Nevada Gaming Control Board in Carson City. Macau felt the contraction as the number of visitors was off 10 per cent in September.

Big bet on Macau
According to Bloomberg, Mr Adelson bet more heavily on Macau than any other US casino, pledging US$12 billion for new hotels, casinos and condominiums to create a mass-market tourist destination like Las Vegas.

The Sands Macau was the first Vegas-style casino to open there in 2004, followed three years later by the Venetian Macau. Work has started on five other developments, among them a tower called the Shangri-La.

His decisions went against the grain of other casino operators, who were pulling back. As the subprime credit crisis worsened, Mr Adelson was opening a 50-floor tower called the Palazzo adjacent to the Venetian in Las Vegas, making the 7,093- room complex the largest hotel and resort in the world.

Mr Steve Wynn, chief executive of Wynn Resorts, delayed expansion of the Wynn Macau after the Chinese government began restricting visas in April 2007. Mr Adelson called Mr Wynn's decision 'wrong' in August 2007.

'If Steve Wynn is so smart, why isn't he richer than I am?' Mr Adelson said in a Bloomberg TV interview. 'I've proven it over 50 times in my life: You change the status quo, then you're going to win'.

Wynn Moves To Top
Wynn Resorts has withstood the dip in gambling revenue better than the Las Vegas Sands and replaced it as the largest casino operator by market value last month. Mr Adelson's hotel slipped to third place, behind Wynn and MGM Mirage.

Mr Adelson's company said Nov 10 it would leave the Macau developments half-finished as it focuses on completing a new casino in Singapore. Executives said they hope to secure financing in three to six months to finish the work in Macau.

'The bottom line is there were two paths chosen in Macau - - one was the mass-market, leveraged growth strategy: 'If you build it they will come,' said Mr Joel Simkins, an analyst at Macquarie Capital in New York, referring to Mr Adelson's strategy.

'Steve's was, 'Let's go for the high end of the market. Let's build what's appropriate'. Mr Simkins has a 'sell' rating on Las Vegas Sands.

Along the way, Mr Adelson's go-for-broke attitude made him enemies.

Mr D. Taylor, secretary-treasurer of Culinary Workers Union Local 226 in Las Vegas, has fought unsuccessfully to unionise workers at the Venetian. The union is defending itself against a defamation lawsuit Mr Adelson filed in the UK, according to Mr Taylor.

The casino owner also sued the union in 1997 for picketing on the sidewalk in front of the Venetian. He pursued the case to the U.S. Supreme Court, which declined to overturn an appellate court that ruled the sidewalk constituted a public forum.

'His arrogance came back to haunt him', Mr Taylor said.

12 November 2008

The Straits Times
No bailout for IRs 

Marina Bay IR project's parent company, Las Vegas Sands, is facing cashflow problems due to the global economic downturn. 

THE Government has 'no intention' of bailing out the integrated resorts in Singapore should they fail, Senior Minister of State S. Iswaran said on Wednesday.

He was responding to media queries on whether the Government may step in to rescue the Marina Bay IR project, whose parent company, Las Vegas Sands, is facing cashflow problems due to the global economic downturn.

Las Vegas Sands auditor PriceWaterhouseCoopers said in a regulatory filing last week that the casino operator would not be able to meet lenders' requirements unless it cuts spending on developments, boosts earnings and raises more capital.

That sparked off fears the company would not be able to carry on with Singapore's first integrated project at Marina Bay. However, on Tuesday, the company said during its third quarter results earnings briefings that it would proceed to complete Marina Bay Sands as promised.

To do so, it is raising another $2 billion in capital and suspending projects in Macau and Las Vegas, as well as scaling back another casino project in Pennsylvania.

Speaking to reporters on the sidelines of the Carbon Forum Asia at Suntec Singapore on Wednesday morning, Mr Iswaran said Sands' announcement gave stakeholders here the 'assurance' that the company has enough resources to fund the project.

Asked if the Government would intervene if the project fails, he said: 'There has been no request for a Government bailout by Marina Bay Sands, and neither does the Government intend to do one.'

He added: 'It has always been a commercial project and the solutions to the challenges posed by the current economic environment, the financial market situation, lie in the commercial sector as well.'

To another question on whether a Government-linked company will bail out the IR, he said that such companies are 'commercial enterprises' which will 'have to make their own decisions' on whether an investment is viable or not.

12 November 2008

The Straits Times
Sands' top priority
Tourism board says Singapore has several options should project go wrong

Calling it 'probably the most important project' in the LVS portfolio, Sands president and chief operating officer William Weidner said the Marina Bay project offered 'terrific returns on investment'.

EMBATTLED casino operator Las Vegas Sands (LVS) said yesterday it was going ahead with plans for the Marina Bay integrated resort, but will suspend projects in Macau and the United States.
It said the multibillion-dollar resort and casino project will open partially at the end of next year.

Calling it 'probably the most important project' in the LVS portfolio, Sands president and chief operating officer William Weidner said the Marina Bay project offered 'terrific returns on investment'.

He was speaking during an earnings conference call from the US yesterday.

Despite the LVS pledge, the Singapore Tourism Board (STB) said last night that should things go wrong, there were a number of options available under the terms of its agreement with Marina Bay Sands.

Responding to queries, a board spokesman said that if the project faced financial difficulties to such an extent that it was wound up or a receiver was appointed over its assets, the STB could step in and 'resume possession of the land, the IR and any other structure on the land, and deal with them as STB sees fit'.

On its part, LVS was upbeat about its prospects and Marina Bay yesterday.

It said it had secured US$2.14 billion (S$3.22 billion) in capital-funding commitments, a move analysts said was reassuring to investors who had earlier feared LVS was doomed to go under.

Sands' billionaire chief executive Sheldon Adelson also reiterated his commitment to the Singapore project yesterday.

He said: 'As part of my visit to Singapore last week, I assured the Government we were very committed to the success of Marina Bay Sands and would have the funding necessary to complete this development.

'That is exactly where we stand today.'

But LVS admitted yesterday that it will not be able to open the entire integrated resort at the end of next year after all.

First to open will be two out of three hotel towers, a portion of the shopping mall, most of the convention space and the casino, said LVS executive vice-president Bradley Stone. Other facilities, including an iconic sky park, will open in early 2010.

He said the project was among the company's crown jewels given the low tax rates, high number of days visitors are projected to stay, and the benefit of operating with only one competitor - the Resorts World Sentosa complex.

Marina Bay Sands, with 1,000 gaming tables, is expected to turn an annual operating profit of US$1.26 billion by 2012.

LVS posted a worse-than-expected net loss of US$32.2 million, or 9 cents a share, for the third quarter. In the same period last year, it posted a loss of US$48.5 million, or 14 cents a share.

Mr Adelson said the news that it has secured capital-funding commitments should put to rest talk that the company is in danger of going belly-up.

But LVS is not out of the woods yet.

Its decision to suspend construction of its Macau development at the Cotai Strip was taken to conserve cash and avoid violating terms of some American loans that could set off a series of defaults.

Similarly, suspending work on its luxury St Regis condominium in Las Vegas and focusing solely on casino components at its Bethlehem, Pennsylvania, project will save an estimated US$1.8 billion.

Mr Weidner said the current capital market conditions will not have an impact on the Singapore development since the S$5.44 billion credit facility had been secured earlier in the year.

To date, he said, the company has invested US$1.81 billion in construction costs, including land price, in the Marina Bay project, of which an approximate US$616 million was in equity.

The current estimated cost of completing the project is about US$2.7 billion.

Separately yesterday, Macau chief executive Edmund Ho said his government would take over any casino that goes bankrupt there, Bloomberg reported.

Seeking to allay fears as Macau's crucial gaming sector stutters, he said: 'Our policy is that we will not allow any casinos to just shut down and cease operations.'

12 November 2008

Channel NewAsia
Singapore government will not bail out Las Vegas Sands

SINGAPORE: The Singapore government said Wednesday it will not bail out the troubled US gaming firm Las Vegas Sands should it fail to fund the Marina Bay Sands integrated resort.

Senior Minister of State for Trade and Industry S Iswaran said there has been no request from Sands for a bail out so far.

Sands has been working to avoid defaulting on bank covenants and announced on Tuesday that it was raising some US$2 billion in capital.

There have been concerns about whether Sands has the financial ability to finish the resort at Marina Bay, after it ran into financial difficulties.

Mr Iswaran, who was speaking on the sidelines of an industry conference, said the government and Sands have a development agreement which specifies clear rights for both parties.

He revealed that Sands had asked the Singapore Tourism Board to adjust the timelime for the construction of the Marina Bay Sands resort.

The government is reviewing the request to see if it will conflict with its own plans for an integrated resort to be built by 2009.

Mr Iswaran added there is no reason to think that a large proportion of planned jobs for the project will be lost, although they may be put on hold.

While the government would not participate in any bailout of Sands, there is speculation that government-linked companies may be interested.

Mr Iswaran said government-linked companies are commercial enterprises and have to make their own decisions on whether an investment makes business sense. He added that it is not for the government to tell them what to do.

11 November 2008

The Straits Times
Sentosa to hire 300
DBS in talks with resort to help its retrenched staff find jobs

Ms Karen Lim, 32, is one of the first few to be hired for Universal Studios Singapore. She is an assistant manager for park operations.

RESORTS World at Sentosa has launched its first major recruitment drive, and has moved to see if it can hire workers who have been retrenched, including those from DBS Bank.

The integrated resort (IR) has started to fill 300 fairly senior positions - 200 managers and 100 supervisors - to take charge of its 20ha Universal Studios theme park.

More jobs in store

Resorts World at Sentosa has opened a world of job opportunities for Singaporeans.

IN TOTAL, 10,000 workers needed for:

To attract applicants, it will dangle a special carrot: a chance to go to Universal Studios Orlando in the United States for a training stint that could last up to four months.

At the launch of the drive yesterday, the IR's head of human resources, Ms Seah-Khoo Ee Boon, said: 'Resorts World at Sentosa is open to working with organisations that may be undergoing restructuring, including banks.'

DBS confirmed that it is in talks with the resort.

Said a spokesman for the bank: 'It is our priority to help DBS staff with the transition. What's more, the bank has been in talks with companies in various industries with regard to outplacement and career opportunities just for them.'

The resort will not say how many local people and foreigners it will hire.

But Ms Seah-Khoo said: 'We have always promised and are committed to hire as many locals as possible.'

She conceded, however, that some of the 200 managerial positions on offer will have to be filled by foreigners, as there are few here who have experience in working at such attractions. The resort is currently in talks with people from overseas theme parks like Disneyland.

But she said that the rest will mostly be Singaporeans. Most of the 100 supervisors, she said, are likely to be Singaporeans, and they are the ones who will be sent for the Orlando training stint.

The positions on offer now include ride and show service managers, attraction supervisors and executive chefs.

When asked about starting salaries for the jobs, Ms Seah-Khoo declined to comment, citing 'competitive reasons'.

But she added that they would be 'commensurate' with market rates.

Among the first to be hired for Universal Studios Singapore was Ms Karen Lim. The 32-year-old had previously worked in Ducktours and looked after attractions in Sentosa Leisure Group.

She will be looking after admissions to the park for Resorts World at Sentosa.

She said: 'I was willing to take a pay cut just to be part of the team.'

Resorts World at Sentosa has also arranged for 100 students from Singapore Polytechnic, Ngee Ann Polytechnic, Nanyang Polytechnic and Temasek Polytechnic to be the first to get internships at the Universal Studios parks in the US.

This, the company said, is part of its promise to bring benefits to Singapore.

The recruitment drive for theme park workers is a prelude to a bigger campaign in June next year, when the resort, which opens in March 2010, will look to fill the bulk of the 10,000 positions available.

Ms Seah-Khoo said it is holding talks now with various government agencies on recruitment and training initiatives.

By the end of next year, Ms Seah-Khoo expects to increase the number of staff on the payroll to 8,000. The remaining 2,000 will be hired just before the resort's opening.

Singapore's two IRs are expected to generate some 20,000 jobs.

Response has been keen: Marina Bay Sands, which kicked off its hiring blitz late last month, has received more than 10,000 responses to date.

11 November 2008

The Straits Times
Marina IR is 'No. 1' priority 

Sands president and chief operating officer William Weidner said the Singapore IR is not only 'a very important project' which offers 'terrific returns on investment', but it is also 'probably the most important project' in their portfolio.

THE Marina Bay integrated resort remains the 'No 1' priority for Las Vegas Sands even as the casino operator suspends projects in its Macau headquarters and scales back on a development in Pennsylvania, its top suits promised.

Sands president and chief operating officer William Weidner said the Singapore IR is not only 'a very important project' which offers 'terrific returns on investment', but it is also 'probably the most important project' in their portfolio.

In a conference call early on Tuesday, the embattered company also said it is raising US$2.14 billion in capital, including new funding from its billionaire chief executive, Sheldon Adelson.

Mr Adelson said: 'As part of my visit to Singapore last week, I assured the government we were very committed to the success of Marina Bay Sands and would have the funding necessary to complete this development. That is exactly where we stand today.'

However, Sands' promise to open the entire IR at the end of next year will not be fulfilled. When it opens its doors end next year, two of three hotel towers, a portion of the retail mall, most of the convention space and the casino will be ready. The other facilities like the remaining hotel block and sky park will open in 2010.

The listed company posted a worse-than-expected net loss of US$32.2 million, or 9 cents a share, for the third quarter that ended Sept 30.

A year ago, it posted a loss of US$48.5 million, or 14 cents a share, due to expenses in preparation to open new casinos in Macau and Las Vegas.

Revenue rose 67 per cent to US$1.11 billion, from US$661 million a year earlier. Adjusted earnings were 2 cents per share, down from 12 cents per share last year.

Mr Adelson said the capital raise will 'put to rest' any speculation that the company is in danger of going belly-up.

It expects to release details of a US$2 billion bond sale soon. It will also save US$1.8 million by halting construction and 'indefinitely' delaying its US$600 million condominium project on the Las Vegas Strip, pushing back development of part of its US$12 billion project in Macau and curbing plans for its Bethlehem casino by delaying the accompanying hotel and retail openings.

Mr Weidner said the current capital market conditions will not impact the Singapore development since the S$5.44 billion credit facility had been secured earlier in the year.

To date, he said the company has invested US$1.81 billion in construction costs, including land price, in the Marina Bay project to date, of which an approximate US$616 million was in equity.

And the current estimated cost to complete the project is about US$2.7 billion,which the company expects to fund 75 to 80 per cent through the credit facility, of which about US$2 billion is available. The company is also expected to invest an additonal $500 million in equity for the project through to the targeted opening in late next year.

Mr Weidner called the Singapore project one of its 'crown jewels' because of the low tax rates, high number of visitor days, and its benefit in operating in a dualpoly. The Singapore casino, which wil have 1,000 gaming tables, is expected to add an annual operating profit of US$1.26 billion by 2012.

Sands declined to elaborate on a staggered opening for the Marina Bay IR.

Marina Bay Sands general manager George Tanasijevich would only say: 'The majority of our integrated resort will be opened on Day 1; we are in discussions with the Singapore Government on a suitable timetable for the rest of the attractions.'

11 November 2008

Bloomberg
Las Vegas Sands Gets $2.14 Billion, Halts Macau Build 

Las Vegas Sands Corp., the casino company run by billionaire Sheldon Adelson, said it’s raising $2.14 billion in capital and is suspending construction in Macau to conserve cash after a third-quarter loss.

The casino operator expects to finish the “oversubscribed?sale of debt or equity this week, including contributions from the Adelson family, removing the risk of the parent company tripping loan covenants, executives said yesterday on a conference call. A “major Chinese bank?may also lend the company as much as $700 million to resume the stalled Macau projects, Adelson said.

Las Vegas Sands needs the cash to avoid violating the terms of some U.S. loans and setting off a series of defaults that may force it into bankruptcy. The company said yesterday it will halt work on developments in Macau, where it earns two-thirds of revenue, to focus on the $4 billion Singapore project.

“They’re weak on a number of levels, with return on capital at 3.3 percent, significantly below their cost of capital,?Roy Ophir, director of research at financial research and asset management company Matrix Lighthouse LLC, said in a phone interview today. “From a free cash flow perspective, they’re burning cash.?

The ratio of the Las Vegas-based company’s total debt to total capital was 80 percent in June, according to data compiled by Bloomberg.

Shares Slide

Las Vegas Sands fell 6.3 percent to $7.50 after the close of New York Stock Exchange composite trading.

The owner of the Venetian and Palazzo casino resorts has lost 92 percent of market value this year on investor concerns that falling revenue and the financial meltdown will leave it short of cash to fund expansion projects or repay loans. It was usurped as the world’s largest casino company by market value in the past month by Wynn Resorts Ltd.MGM Mirage is second biggest.

The suspension of construction work in Macau “is good for the casino market?as visitor growth slows, Billy Ng, a Hong Kong-based analyst at JPMorgan & Chase Co. said in a phone interview.

Macau had 2.31 million visitors in September, 10 percent less than in August and the lowest number since July 2007.

Las Vegas Sands also said it will stop work on its Las Vegas condominiums and parts of its Bethlehem, Pennsylvania project.

Casino Expansion

Adelson’s company, Wynn Resorts Ltd. and MGM Mirage have been expanding outside their home market as gambling revenue on the Las Vegas Strip declined for eight straight months.

Las Vegas Sands will issue a prospectus “within days,? executives said on the call, declining to say whether it will sell debt or equity.

The company extended the deadline for finishing parts of Marina Sands in Singapore into 2010. The casino, two hotel towers, parts of the mall as well as meeting and convention areas are to open as scheduled by the end of 2009.

Las Vegas Sands has pledged to invest at least $12 billion building casinos in Macau, where casino gambling revenue has more than doubled since 2004 to 83 billion patacas ($10.4 billion) last year.

Macau Revenue

Macau’s casino gambling revenue was 26 billion patacas in the third quarter, 10 percent lower than the previous three-month period, amid the economic slowdown caused by the credit crisis and measures by the Chinese government to restrict its citizens? travel to the city. Macau, the only place in China where casinos are legal, is a special administrative region and Chinese from the mainland need a visa to enter it.

Still, compared with the third quarter last year, Macau’s casino revenue grew 28 percent.

The Singapore casino may house 1,000 gambling tables, 67 percent more than earlier planned, Las Vegas Sands said. It expects the Singapore project to deliver earnings before interest, taxes, depreciation, amortization and rent of $1.26 billion in 2012.

Las Vegas Sands posted a third-quarter loss of $32.2 million or 9 cents a share, compared with a loss of $48.5 million or 14 cents in the previous year.

Excluding items such as development costs and a loss on the sale of some assets, Las Vegas Sands?earnings per share were 2 cents. That missed the 10-cent average estimate of 18 analysts surveyed by Bloomberg.

Adelson, who owns about two-thirds of Las Vegas Sands, injected $475 million Sept. 30, hired Goldman Sachs Group Inc. to help raise more capital and said he would participate in the financing. The company made a filing with regulators Nov. 6 to allow it to quickly sell stocks or bonds if it finds investors.

The Macau government is “encouraging?Chinese banks to lend Las Vegas Sands the money it needs to continue the half-finished phases 5 and 6, Adelson said on the call.

Adelson met with Singapore government officials last week, and pledged to complete the $4 billion project there. Hong Kong and Macau bankers are also discussing financing for his Macau projects, said two people involved in the transaction.

11 November 2008

Channel NewsAsia
Las Vegas Sands secures US$2b capital funding, remains committed to S'pore project

SINGAPORE: Las Vegas Sands said Tuesday it has secured over US$2 billion in capital funding commitments to avoid violating loan agreements.

President and Chief Operating Officer William Weidner said in a conference call that Sands expects to close the transaction by the end of the week.

He continued to say that however, there will be some changes to Sands' overseas resort developments.

It will stop construction work at two sites in Macau's Cotai Strip pending project financing arrangements.

Mr Weidner said Sands hopes to have an agreement with a major Chinese bank within the next three to six months.

Sands will also suspend the building of its St Regis Residence luxury-condominium project in Las Vegas indefinitely.

The operator said it expects to save US$1.8 billion by delaying and curbing plans for those projects.

But Sands said it remains committed to its Marina Bay Sands project in Singapore, and expects to open the resort by late 2009 according to plan.

Sands said it expects a significant return on capital from the Marina Bay Sands resort project.

It assured that the current capital market conditions will not significantly impact the integrated resort development in Singapore.

Sands also released its third quarter financial results overnight.

It narrowed its net loss to US$32.2 million, compared with US$48.5 million a year ago.

Sands said this is due to increases in operating income and an income tax gain.

Revenue increased by two-thirds to US$1.1 billion.

11 November 2008

Easier Travel
Singapore plans for the future
 
2008 has been a memorable year for Singapore, playing host to a number of world-class events and witnessing the launch of a plethora of new and exciting tourism products. But this marks just the beginning of a trend of even more spectacular events, more new development projects and more investment in major enhancements across the city that are all helping to position Singapore as Asia’s ‘must see?destination.

Divya Panickar, Area Director for North and West Europe, Singapore Tourism Board, commented: “Singapore is continually re-inventing itself and enhancing its tourism facilities to become a major player in the global market for both leisure travellers and the MICE market. This year has seen Singapore successfully host the first ever Formula One™ Grand Prix night race, launch the world’s tallest observation wheel, the Singapore Flyer, and open a new terminal at Changi Airport.

“Over the next few years we will see the launch of two Integrated Resorts that will include an exciting range of leisure, retail, hotel and conference facilities, as well as Singapore’s first casinos and a Universal Studios theme park, a first for Southeast Asia. Other lifestyle attractions visitors can look forward to by the end of 2010 are a new International Cruise Terminal, and Gardens by the Bay across the mouth of the Singapore River. All these investments in the tourism sector will transform Singapore’s landscape and help Singapore achieve its ambitious target of attracting 17 million visitors by 2015.?

Singapore’s transformation has increased its destination appeal in Europe, where visitor arrival figures have remained encouraging despite the worldwide economic crisis. In fact, the widespread interest in new events such as Formula One and the continued draw of events such as the ZoukOut signature dance music festival has had a positive impact on arrivals from the UK. September alone witnessed an increase of 3.2% from the UK market.

The growth of the European markets to Singapore looks set to continue, especially in countries such as Russia, France, Switzerland, Spain and Italy. Hence, to highlight all the recent changes that have taken place in Singapore and to demonstrate its position as a ‘must-see?on any Asian itinerary, there will be an increase in trade and media activities in these markets.

As Oliver Chong, Singapore Tourism Board’s Regional Director for Europe, observes: “Many Europeans who have not visited Singapore in the past five years are discovering that Singapore is now a much more vibrant destination with a lot more to experience and savour.

Although the worldwide economy is now highly uncertain, the outlook on European outbound travel is no different from other regions like Asia or the United States. With enough resilience in European markets and Asia remaining a region that provides European travellers with good value for money, there is cause to remain optimistic that travellers will continue heading out to Asia and Singapore.?/font>