Las Vegas Sands Halts Macao Development

Unfortunately, Las Vegas Sands has recently suffered heavy losses as the stock has been hit incredibly hard over the past year. CEO Sheldon Adelson also injected personal funds into the company after the global credit crisis put Sands on the verge of failing to repay its outstanding debt. Ambitious expansion plans launched before the credit crisis have overstretched the company, leaving investors very anxious.

The company has suspended work on the Las Vegas condo project and the latest addition in Macau to focus on its flagship projects in Singapore as well as Bethlehem, Pennsylvania. The Macau project started with several towers and structures already in place, but now it looks like a ghost town. The project delays have laid off more than 11,000 construction workers.

Steven Weaver, Las Vegas Sands Asia regional director, said suspending Cotay Streep’s project was a “conservative” move until the company could secure additional funding. He said this is temporary and expects construction to begin again in the next six months. 온라인카지노

Leave a Reply

Your email address will not be published. Required fields are marked *