About 11,000 local and foreign workers will be affected after LV Sands decided to put its projects in the Cotai Strip on hold.

President in Asia Stephen Weaver said in a press conference in Macau that the USD2.1 billion raised in the past few days will all be used to the operations of the firm, including the Singapore project.

However, LVS is not intended to use the new funds to the Cotai project, and will seek for funds under more appropriate conditions.

Talks are being held with banks in Europe and Asia to raise USD1.5 to 2 billion of money to invest in the suspended Cotai project. The construction contract has correspondingly been extended to six months.

Of the 11,000 workers affected by the suspension, 2,000 are from Macau and 4,000 are from Hong Kong. The rest are from mainland China.

Non-resident workers from mainland China have been arranged to leave their positions by cancelling their permits.

Local workers will be arranged to work in other projects including clearing up.

Meanwhile, Labour Affairs Bureau officers will be sent to the sites of the suspended projects to monitor dismissals of workers.

Source: BlogMacau.info

Nov 15, 2008 7:56 PM