Las Vegas Sands To Eliminate As Much As 4,000 Macau Casino Jobs
Michael Leven, who became president of Las Vegas Sands Corp. as of March 11, is looking for ways to lower costs at its casino operations in Macau. They include cutting as much as 4,000 jobs in its Macau casinos in an attempt to "right-size the operations" in the former Portuguese colony in China for a softer tourism market. Las Vegas Sands has close to 20,000 employees on its payroll in Macau, and would like to lower that number to below 17,000.
The casino operator owns the Sands Macau on the Macau Peninsula and the Four Season Macau and Venetian Macau and on the Cotai Strip. Construction of the second phase of the six hotel-casinos was halted last year on Macau's Cotai Strip region. The plan originally included a $12 billion, 20,000-room complex of hotels and casinos.
At Las Vegas Sands’ first-quarter earnings release, Leven revealed that they hoped to shave off some $270 million in annual costs in Macau. The cost reductions, along with new investment and sales of noncore assets, such as The Venetian Macau's shopping mall, would give the company the financial resources to restart construction on two of the Cotai Strip sites. The goal by October is to complete sites five and six housing hotel brands operated by Sheraton, St. Regis, Shangri La and Traders.xu
Steve Wilson
- Posted: 2009-05-14
- Last Modified: 2009-05-14 14:06:55
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