Wednesday, November 19, 2008

Las Vegas Sands Lay Off 11,000 Workers in Macau

Macau has become so popular among gamblers over the past few years that they have surpassed Las Vegas as the gambling capital of the world in terms of revenue generated. The best of times, however, has given way to the worst of times lately in Macau.

The casino industry is struggling as a whole. No matter whether it is in Macau or Las Vegas. From small states in America to territories in other countries, not many casinos have survived the current state of the economy unscathed.

Las Vegas Sands is one of the companies that has been hit the hardest during these tough times. Owner Sheldon Adelson has done everything in his power to keep the company above ground, including selling common shares last Friday.

Even with the increase in financial liquidity, a top executive for the company has said that they are planning on cutting up to 11,000 jobs in Macau. Many of the jobs will come from the construction filed where workers were building multi-million dollar projects.

"Regrettably there will be people from Macau in the construction areas that we cannot continue to employ," said Sands' President for Asia, Stephen Weaver. He did indicate the company is trying to relocate some of the workers to other projects the company is working on.

The expansion projects are what has put Sands in this precarious financial situation in the first place. They were working on projects in Singapore, Las Vegas, Pennsylvania, and Macau. They are still planning on finishing the Singapore project.

Source : Financial Collapse
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