US gambling giant Las Vegas Sands has scrapped plans to raise $5US.25 billion in loans for its expansion in Macau - including funding for a hotel resort complex - due to the credit crunch and a weak appetite among lenders amid the market turmoil, sources said.
"Right now it is a pulled deal. It will come back when they cook up a new shape and new price," a source familiar with the situation said.
Editor | This is international, but do you know of any deals not working out in India? Is the credit crunch going to affect hotel projects here? let me know
The expansive resort, projected to open in 2011, will include 350 hotel rooms and 480 time-share villas as part of the Disney Vacation Club, as well as an 8,000-square-foot conference center and 18,000-square-foot spa, and is expected to bring 1,000 jobs to Oahu's Leeward Coast.
The development furthermore is seen as a catalyst to help long-struggling Ko Olina achieve critical mass and push Kapolei further to attaining Oahu's second-city status.
Disney's worldwide time-share operation has more than 350,000 members from more than 100 countries, though it is not yet registered with the state to sell vacation club memberships here.