Las Vegas Sands may default on loans
Written By: Tiang Chuan on November 6, 2008
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According to the Bloomberg Report, Las Vegas Sands, which is building the Integrated Resort at Marina Bay, may default on loans if it can’t raise capitals. Unconfirmed sources shows that the 3 local banks, DBS, UOB and OCBC have a combined exposure of S$2.2 Billion.
This is surely bad news for the local banking industry which is already suffering from the financial crisis and the Lehman-linked structured note saga. Time for Temasek or GIC to do some ‘reclamation work’ buy some ‘Sand’…?
For the traders, time to short the market? I have leaned that there are increased trading activities that are shorting the recent rebound.
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