Sands aims to resume Macau construction this year

Associated Press

Thursday, April 2, 2009 | 11:54 a.m.

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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.

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

Discussion: 1 comment so far…

By BorisR

4/2/09 at 1:43 p.m.

Suggest removal

That's a very optimistic statement and could be an inditcator why the stock value has jacked up in the past 2 sessions in a pace never seen before.
It's always nice to see the new construction update of the Marina Bay Sands , Singapore. It shows that they're sincerely working on their mission.
From Switzerland