InfoAnda - Sands aims to resume Macau construction this year

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help 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 aims to resume Macau construction this year By JEREMIAH MARQUEZ,AP Business Writer AP - Friday, April 3 HONG KONG - Struggling casino giant Las Vegas Sands Corp. hopes to resume construction on its stalled multibillion-dollar mega resorts in the Chinese gambling city of Macau later this year, a top executive said Thursday. ADVERTISEMENT The company was in early discussions with possible investors about financing the rest of its work on the projects along Macau's Cotai Strip, said Stephen Weaver, president of Sands' operations in Asia. "We're certainly looking to resume in this calendar year," Weaver told reporters in Hong Kong. "Our imperative is to get the construction workers back to work as quickly as we can." Weaver would not identify the potential investors, though the company previously said they include two construction companies interested in financing and building the projects in exchange for equity. A massive cash crunch, caused by the global credit crisis and tumbling revenues amid the economic slump, forced Sands to halt construction on the projects in November. As many as 11,000 workers _ many of them employed by contractors and subcontractors _ were laid off as a result. The Macau sites, including hotel towers and three casinos, could cost another $2 billion, the company has estimated. The Marina Bay Sands in Singapore is among the few sites that Sands has continued work on since its finances were thrown into turmoil last fall. Company officials said they were confident they had the funding to finish the resort. The $5.4 billion project is set to open in staggered phases around the end of the year, fully opening sometime next year, Sands executives say Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China to attend Asia's biggest IT show in TaiwanAFP - 1 hour 6 minutes ago No federal help for a pilot deal at US AirwaysAP - 1 hour 11 minutes ago FASB gives firms more leeway in valuing assetsAP - 1 hour 11 minutes ago DOE says natural gas supplies unchanged last weekAP - 1 hour 14 minutes ago Intel, GE to spend $250 million on health productsAP - 1 hour 15 minutes ago Most Popular – Business Viewed Hot tea linked with throat cancer Guantanamo 'soooo beautiful!' Miss Universe says Ex-AIG chief says problems 'not his fault' Michael Moore hails GM chief's 'stunning' ouster Global recession pushing millions into poverty View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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