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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: Up to 11,000 Macau workers to lose jobs By JEREMIAH MARQUEZ,AP Business Writer AP - 1 hour 44 minutes ago MACAU - Struggling casino operator Las Vegas Sands Corp. will lay off as many as 11,000 workers after a cash crunch forced the company to halt construction on multibillion dollar projects in the Chinese gambling city, a top executive said Thursday. About 2,000 of the construction workers are from Macau, and the remainder are from Hong Kong, mainland China and other countries, said Stephen Weaver, Sands' president for Asia, The company would give preference to Macau workers and pay them as it assessed whether they could be relocated to other Sands' projects, though they would likely lose their jobs, Weaver said. "Regrettably there will be people from Macau in the construction areas that we cannot continue to employee," Weaver told reporters at the company's Venetian resort in Macau. On Monday, Sands said it was suspending several projects, in Macau and elsewhere, and had agreements to raise $2.14 billion in new capital. The announcement, amid worse-than-expected results for the third quarter, came after Sands said last week it was in danger of breaching lending conditions Dec. 31 and defaulting on $5.2 billion in credit facilities secured by its Las Vegas operations. Macau has overtaken the Las Vegas Strip as the world's biggest gambling center, and American companies have been investing heavily in the former Portuguese colony on China's southern coast. But Sands' construction on casino projects in Macau, Singapore, Pennsylvania and Las Vegas has put the company in a financing squeeze as falling revenue from gamblers and the credit crisis made it difficult to meet its debt obligations. The company said it would temporarily shut down two sites along Macau's Cotai Strip, including a Shangri-La/Traders hotel tower, a Sheraton hotel tower and three casinos. The Macau sites have cost $1.16 billion so far, and represent a part of the company's $13 billion master plan to develop Cotai. Sands is trying to arrange between $1.5 billion and $2 billion in financing to continue the projects, but Weaver said it's not clear how long that will take or when construction might resume. He said he's confident the company will eventually go back to building the projects. "We've got $1.2 billion sunk in to the ground, we're not going to walk away from it," he said. "I think there's no possibility that it's never going to start again." 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: Business China shares rise on optimism over stimulus planAP - 1 hour 20 minutes ago Europe, Asian markets down amid recession fearsAP - 1 hour 21 minutes ago Las Vegas Sands to fire up to 11,000 Macau workersAP - 1 hour 29 minutes ago LSE 1H profit up but cancels share buybackAP - 1 hour 37 minutes ago SABMiller says 1H profits rise, but demand slowsAP - 1 hour 38 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Germany in recession as US scraps toxic asset buy-up Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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