InfoAnda - Sands to halt Macau expansion as credit crunch bites

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sands to halt Macau expansion as credit crunch bites AFP - Wednesday, November 12 MACAU (AFP) - - Las Vegas Sands said Tuesday it was halting part of its huge development in the gambling haven of Macau due to trouble accessing credit amid the global financial crisis. The firm, which operates two casinos in Macau including the giant Venetian, said in a statement that work on parts of a 12 billion dollar resort and casino development on a reclaimed strip of land -- called the Cotai Strip -- would be stopped. "Sites five and six on the Cotai Strip will be temporarily suspended until conditions in the capital markets improve," the Las Vegas-based firm said in a statement. It said it would continue to seek financing that would allow it to complete the project, which includes an 1,800-room Sheraton hotel and three casinos. "Our temporary suspension programme will enable us to recommence development in an efficient fashion, should sufficient capital to complete phase one of our development plans become available on reasonable terms," the statement said. It said work on the Four Seasons private apartments in Macau and its Marina Bay Sands project in Singapore would continue. The company, whose US-listed share price has plummeted from 148 dollars last October to around 8 dollars this month on worries about its debt burden, said it was "in the process of" raising an additional 2 billion US dollars in funding commitments. The firm has invested heavily in Macau, spending 2.4 billion dollars on the giant Venetian casino-resort, and is planning a new version of the Las Vegas Strip on the Cotai Strip. Its aggressive expansion in the United States and abroad and the credit crunch have left Las Vegas Sands struggling to service its 10 billion dollars of debt. Reports said that chief executive Sheldon Adelson loaned the firm 475 million dollars of his own money last month. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy TOPWRAP 5-Grim economy data throws spotlight on crisis summitReuters - 1 hour 1 minute ago China posts record trade surplus, despite global turmoilAFP - 1 hour 6 minutes ago Oil falls to $60 as China spending optimism wanesAP - 1 hour 24 minutes ago China: Protecting domestic economy is top priorityAP - 1 hour 27 minutes ago Related Articles: Business FTSE 100 down 102.36 at 4,301.56AP - 40 minutes ago Macau leader: No plans to help Sands' financingAP - 47 minutes ago Bertelsmann increases 9 month net profitAP - 49 minutes ago India's Reliance Pet may begin fuel exports in AprilReuters - 51 minutes ago Thai Shin Corp Q3 net profit surges, meets forecastReuters - 52 minutes ago Enlarge Photo Sands to halt Macau expansion as credit crunch bites Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed In Obama's victory, Americans see legacy of Lincoln Britney Spears's son hospitalized: statement US expands record bailout of insurance giant AIG AIDS vaccines: New hope for problem-plagued path MP3 earphones can hamper defibrillators, pacemakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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