Las Vegas Sands halts Macau projects
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Las Vegas Sands has said it is halting part of its huge development in the gambling haven of Macau, due to trouble accessing credit amid the global financial crisis, AFP reported.
The firm, which operates two casinos in Macau including the giant Venetian, was quoted saying in a statement that work on parts of a US$12 billion resort and casino development on a reclaimed strip of land – called the Cotai Strip – would be stopped.
“Sites five and six on the Cotai Strip will be temporarily suspended until conditions in the capital markets improve,” the Las Vegas-based firm said in a statement.
According to the report, it said it would continue to seek financing that would allow it to complete the project, which includes a 1,800-room Sheraton hotel and three casinos.
“Our temporary suspension programme will enable us to recommence development in an efficient fashion, should sufficient capital to complete phase one of our development plans become available on reasonable terms,” the statement said.
It said work on the Four Seasons private apartments in Macau and its Marina Bay Sands project in Singapore would continue.
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