Unfortunately, the Las Vegas Sands has suffered heavy losses recently as their stock prices have taken an incredible beating over the past year. CEO Sheldon Adelson has even injected his own personal funds into the company as the global credit crisis put the Sands in danger of defaulting on its outstanding debts. Ambitious expansion plans that began before the credit crisis have caused the company to be overextended, making investors very nervous.
In order to focus on its main project in Singapore as well as in Bethlehem, PA, the company has suspended work on its Las Vegas condo project and the newest addition in Macau. The Macau project has already begun with several towers and structures begun but now it looks like a ghost town. Upwards of 11,000 construction workers had to be let go due to this project delay.
The head of Las Vegas Sands Asia, Stephen Weaver, said suspending the project on the Cotai Strip is a “conservative” measure until the company could secure additional financing. He said that it is temporary and he expects construction to begin again within the next six months.