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Las Vegas Sands announces massive lay off in Macau
Hotel and Casino operator, Las Vegas Sands Corp. would dismiss about 11,000
workers at its
"Regrettably there
will be people from Macau in the construction areas that we cannot continue to
employ," Weaver told the press in a conference held at the Venetian resort
in
Early this week, Sands announced its decision to suspend the construction of several projects located in Macau as part of a plan that pretends to ease its complicated financial status, which also includes a series of agreements to raise $2.14 billion in new capital, including a few hundred millions from its chief executive, Sheldon Adelson. The announcement came after Sands said last week it was in danger of infringing lending conditions by failing to pay more than $5 billion in credits acquired to develop other projects.
Sands is trying to raise
more than $3 billion in financing to continue the projects, however, Weaver
said it's not clear how long that will take or when construction might resume. Weaver
said he's confident the company will soon resume developing the
"We've got $1.2 billion sunk in to the ground; we're not going to walk away from it. I think there's no possibility that it's never going to start again. We can't promise that there won't be people that ultimately are laid off. But at this point no decision has been made." Weaver said.

