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LV Sands lays off 500 in Macau

24 December 2008

HONG KONG, China -- As reported by The Wall Street Journal: "Las Vegas Sands Corp.'s Venetian Macau Ltd. laid off 500 employees, including 100 managers, and said it plans to shave staff working hours, in another reflection of the hard times hitting the Chinese gambling enclave.

"Those cost-cutting measures represent a reduction of about 2% of the company's staff in Macau, though the company said it would offer most of the workers jobs in Singapore, where it has another casino project under way that has become a bigger priority.

"Business at Macau's casinos and hotels has suffered amid a drop-off in visitors from mainland China, where authorities earlier this year began tightening travel restrictions to the former Portuguese enclave, now a special administrative region of China.

"New York-listed Las Vegas Sands, which operates three casinos in Macau, has had a particularly bad year. Its stock price has fallen more than 90% so far in 2008 as it struggles to manage billions in debt that it took on to fund expansion plans and contends with a sharp downturn in gambling revenue..."

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