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Las Vegas Sands plans job cuts in Macau

13 May 2009

Las Vegas Sun

LAS VEGAS, Nevada -- Las Vegas Sands Corp. plans to cut another 3,000 to 4,000 jobs in Macau, Sands executives told Bloomberg News for a story today.

The job cuts, to be implemented by September, are in addition to the company's workforce reduction to 17,500 from close to 20,000 at its headcount peak in Macau, Chief Operating Officer Michael Leven told Bloomberg.

The company last year halted work on its Macau Cotai Strip complex as the recession hurt its finances, with the markets in Macau and Las Vegas both declining.

The company's Venetian Macao, in the meantime, faces the prospect of increased competition when Melco Crown's $2.1 billion City of Dreams opens in the Cotai area.

Las Vegas Sands Chairman and Chief Executive Sheldon Adelson reiterated to Bloomberg that he's in talks with potential investors in the firm's casinos in Macau, a region of China near Hong Kong that's known as the only place in China where casino gambling is legal.

Sands, in the meantime, is moving forward with the opening of a casino in Pennsylvania this month as well as the opening of a megaresort in Singapore late this year or in early 2010.

In morning stock market action, Las Vegas Sands stock traded today at $9.49, down 77 cents.

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