Adding to the unemployment figures in China is the elimination of up to 4,000 jobs in Macau and Hong Kong planned by Las Vegas Sands Corp (LVS). Many construction workers in Macau are from mainland China and LVS will be reducing its workforce by September on top of the previous reduction to 17,500 from almost 20,000. Last year LVS cut costs by around US$470 million with savings through job losses, fewer worker hours and raising capital.

In this month’s first quarter 2009 results report LVS Chairman and CEO Sheldon G Adelson said, "The steady execution of the business plan we presented in November 2008, including the implementation of our cost savings program, continues to be our primary focus as we navigate through the current challenging economic conditions.”

These economic conditions have led to the shelving of development plans in Macau’s Cotai Strip, Las Vegas and Pennsylvania. Casino projects in Singapore and Bethlehem, Pennsylvania continue on schedule. Adelson commented, “Our current developments in Bethlehem, Pennsylvania and Singapore remain on track. In less than three weeks, on May 22nd, we plan the debut and soft opening of our newest property, Sands Bethlehem, with a formal grand opening celebration planned for June 9th.”

He added, “In Singapore, we continue to target a late 2009 / early 2010 opening of Marina Bay Sands. Both our construction timeline and development budget remain on track for this important project. We look forward to bringing the economic benefits of our latest convention-based integrated resort destination to the people of Singapore.” Some of the workers losing their jobs in Macau will be transferred to the Singapore development. (E-05.13.09)

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