Gambling Revenue Decrease in Macau Causes Sands To Lay Off 500

Macau was supposed to be reaping the benefits by now from blowing past Las Vegas a couple of years ago in terms of casino gambling revenue. Instead of expanding, however, Macau is being hit just as hard as Las Vegas in terms of revenue.

The Las Vegas Sands Corp. is at the center of gaming in both Macau and Las Vegas. The company owns the biggest casino in the world in Macau, but that has not stopped them from trimming some of their staff.

Sands has decided to lay off 500 workers in their Macau casino. The employees whose jobs were salvaged may not be too happy either, their hours are about to get cut.

Las Vegas Sands has been one of the most affected casino companies when it comes to the downfall of the stock market. Their owner, Sheldon Adelson, has already lent the company money to try and keep it stabilized. The company also has sold off common shares to try and raise funds.

Sands has suspended a project in Macau because of a lack of money. They have not stopped all construction, however. Their Singapore casino project is still on schedule to be completed.

December 24, 2008
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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