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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Sands looks to restart Macau casino work next year By JEREMIAH MARQUEZ,AP Business Writer - Monday, November 16 Send IM Story Print HONG KONG – U.S. casino operator Las Vegas Sands Corp. plans to resume work in January on its multibillion-dollar gambling resorts in Macau after suspending construction last year amid a massive funding crunch, the company said Sunday. This week Sands will seek to raise more than $3.3 billion from an initial public offering of shares in its casino businesses in the southern Chinese enclave, the world's largest casino market. About $500 million will be used to restart construction on the projects, executives said. The company plans to hire as many as 12,000 workers after 11,000 jobs were cut as a result of the suspension. The projects, including casinos and Shangri-La and Sheraton hotels, were stalled last year as the company grappled with a cash shortage, brought on by the financial crisis and Sands' massive debt load, that threatened its agreements with creditors. Sands' latest casino resorts are part of Chairman Sheldon Adelson's quest to turn a section of Macau into a Chinese version of the Las Vegas Strip with a mix of gambling, conventions, shopping, entertainment and other draws. "We expect that Macau will evolve into the same type of business model that the integrated resorts on the Las Vegas Strip have evolved into," Adelson said in a video conference with reporters in Hong Kong. Sands' new shares are expected to begin trading on the Hong Kong Stock Exchange on Nov. 30, with the share price to be determined Nov. 21, according to the IPO's terms. It will mark the second Hong Kong IPO from an American casino operator. Shares in the Macau resorts of billionaire Steve Wynn debuted last month after a $1.63 billion IPO. Recommend Send IM Story Print Related Articles CORRECTED - UPDATE 1-Las Vegas Sands aims for more non-Chinese visitors Reuters - 2 hours 17 minutes ago CORRECTED - Las Vegas Sands forecasts 2009 EBITDA at $803 mln Reuters - 2 hours 28 minutes ago Vodafone Qatar sees FY operating loss of $55 mln Reuters - 2 hours 55 minutes ago Philippine '10 net FDI flows seen $1.7 bln-sources Reuters - 2 hours 58 minutes ago APEC leaders vow new economic model after crisis AFP - Monday, November 16 News Search Top Stories Obama vows 'serious' bid to cut US deficit Madoff's spoils go under the hammer Commercial real estate woes imperil US recovery British PM vows law to crackdown on banker bonuses Paris rampage after cash giveaway cancelled: police More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris rampage after cash giveaway cancelled: police Obama vows 'serious' bid to cut US deficit British PM vows law to crackdown on banker bonuses All Blacks defeat competitive Italian rugby team Madoff's spoils go under the hammer More Most Viewed » Somali centenarian weds 17-year-old Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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