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3 September 2010 16:06
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Las Vegas Sands plans to cut around 4,000 jobs in Macao Print E-mail
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Macau, China, 14 May - Las Vegas Sands will eliminate as many as 4,000 jobs in Macao, as it scrambles to reduce costs in the world's largest gaming market according to Macau local papers.

Michael Leven, the gambling company's newly appointed chief operating officer, said  that the cuts would be implemented by September reducing the staff from the present 20,000 employes.

Reporting its first-quarter results last week, the company had said it aimed to pare $270m a year off operating expenses in Macao through reductions in headcount and other operating expenses.

In November, Las Vegas Sands, controlled by US billionaire Sheldon Adelson, suspended construction work on two new integrated resort projects leading to redundancies for at least 9,000 migrant construction workers from nearby Hong Kong and the Chinese mainland.

The company needed to get cash for a new development project in Singapore, where it is one of two concessionaires and is racing to meet government construction deadlines. The decision left two massive concrete skeletons in the heart of Macao's Cotai Strip.

Las Vegas Sands, which has until the middle of next month to restart construction on the projects or face penalties from its contractors, is in talks with at least three possible investment partners.

According to the Financial Times, "the decision to freeze the sites tested the patience of government officials in the territory, which generates the bulk of Las Vegas Sands' earnings – through its Venetian, Sands and Four Seasons casinos – but has borne the brunt of the company's recent cutbacks.

Adelson's firm owns three of the Macau's 31 casinos

Macao accounted for 70 per cent of Las Vegas Sands' first-quarter revenues.

Gaming and gambling activities in Macau posted gross revenues of 26.052 billion patacas (US$3.256 billion) in the first quarter of 2009, the Gaming Inspection and Coordination Bureau (GICB) said.

The revenue for the period represents a drop of 12.7 percent year on year, but a rise of 7.7 percent on the fourth quarter of 2008.

(Macaunews)
 
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