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