The Singapore Tourism Board (STB) is working closely with Marina Bay Sands to ensure the success of its integrated resort (IR) project, amid concerns over the financial position of parent company Las Vegas Sands (LVS).

According to STB’s director of integrated resorts, Margaret Teo, the agreement with Marina Bay Sands “takes into account various eventualities” and it is “premature to speculate at this stage.” Teo said STB is monitoring the situation and is aware that the current uncertain economic climate may cause concern.

LVS’ share price fell on rumours that the company was having trouble refinancing debt amid a weak outlook on the casino business in the US. The company said it was hiring an investment bank to raise capital, with the help of founder and chief executive officer Sheldon Adelson and his family. Adelson pour US$475 million of his own money into the company in September to prevent a breach of loan covenants.

Bankers and analysts say the Singapore government will not likely allow the iconic project to fail, even if Marina Bay Sands is forced to default on loans. It is touted that the three local banks are financing S$2.2 billion of the S$5.44 billion project.