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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: Macau's Venetian sacks further 500 staff as credit crunch bites AFP - Tuesday, December 23 HONG KONG (AFP) - - Macau's giant Venetian casino owned by troubled Las Vegas Sands has sacked 500 staff, the company said in a statement, the latest sign of the firms's struggles to deal with the global credit crunch. The Venetian, a massive hotel and casino complex billed as the cornerstone of a new Las Vegas-style strip, has cut the weekly working week for its casino workers, and laid off 500 staff, the firm said in a statement. "The company has adopted a series of measures to control operating cost in all business areas, including letting go approximately 500 employees across all levels who are not Macau residents," a Venetian spokesman said. "(These include) about 100 management-grade expatriate employees in gaming operations," the statement, released late Monday said. It said many of the workers would be offered alternative employment at the firm's new casino project in Singapore. Last month, the US-based firm said it was firing up to 11,000 mainly construction staff as it halted work at a new 6,400-room resort close to the Venetian. The firm said it was delaying the development until it could secure additional funds for the 3.7 billion US dollar project. Reports said William Weidner, Sands global president, also blamed the Chinese government's decision to reduce the number of visitors to Macau for the delay. Las Vegas Sands' US-listed share price has collapsed from around 148 dollars last October to less than six dollars on worries about its heavy debt levels. 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 Asian stocks slump as China rate cut disappointsAP - 2 hours 39 minutes ago China's Sina to buy large part of digital ad giant's businessAFP - 2 hours 57 minutes ago TOPWRAP 1-U.S. sells record debt, China rate cut disappointsReuters - Tuesday, December 23 SKorean shipyards and builders face forced restructuringAFP - Tuesday, December 23 Related Articles: Business BRIEF-Generali does not rule out future capital hikeReuters - 37 minutes ago India Reliance leases Vopak oil storage in SingaporeReuters - 37 minutes ago China stocks sink on rate cut disappointmentReuters - 37 minutes ago India has scope for more monetary easing-fin ministryReuters - 39 minutes ago Seoul shares drop 3 pct; carmakers slide on outlookReuters - 46 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed OECD forecast deepens gloom as world stocks slip Quake zone hero pig named China's animal of the year Tata gives Jaguar cash boost pending bail-out decision: FT Actress Jennifer Aniston appears naked in GQ magazine New Year's hangover? Take two eels and call me in the morning View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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