SINGAPORE – –Resorts World at Sentosa will top out its first hotel, Maxims Tower, by the end of February 2009.
The company has also moved to quell fears that the Resorts World development will be impacted by the global financial crisis by releasing details of its credit facilities
A spokesman for the integrated resort said that “in these tough economic times when visitors are less likely to travel long-haul, Resorts World at Sentosa will be a highly attractive holiday destination for visitors within the regionâ€.
The resort remains on track for a soft opening in the first quarter of 2010.
Maxims Tower will open with three other hotels – Hotel Michael, Festive Hotel and Hard Rock Hotel – as well as the casino, Le Vie Theatre, a 7,300-seat Grand Ballroom, and Universal Studios Singapore.
Executive vice president of projects at Resorts World at Sentosa, Michael Chin said, “The resort site has been totally transformed over a span of just 22 months since we broke ground in April 2007.
“Visitors to Sentosa today can see the well-advanced super structures of our hotels and Universal Studios Singapore attractions. We are committed to deliver a top-class destination to Singapore and at the same time, create jobs for Singaporeans.’’
Resorts World at Sentosa is expected to increase its investment in the Resort to S$6.59 billion. The additional investment will be funded by operating cash flows from the resort when it opens next year.
Financing for the resort is in place with the successful syndication of a S$4 billion credit facility in April 2008.
As at December 31, 2008, Resorts World at Sentosa Pte Ltd. has awarded more than S$4.5 billion of the S$6.59 billion project costs. At the time of opening, its capital expenditure is projected to be less than S$6 billion.
