Sands Looks To Restart Macau Casino Work Next Year

JEREMIAH MARQUEZ

HONG KONG (AP) — U.S. casino operator Las Vegas Sands Corp. plans to resume work in January on its multibillion-dollar gambling resorts in Macau after suspending construction last year amid a massive funding crunch, the company said.

Sands is seeking to raise more than $3.3 billion from an initial public offering of shares in its casino businesses in the southern Chinese enclave, the world's largest casino market. The IPO was made available to retail investors Monday after attracting what executives said was strong demand from institutional investors last week.

About $500 million will be used to restart construction on the projects, executives said. The company plans to hire as many as 12,000 workers after 11,000 jobs were cut as a result of the suspension.

The projects, including casinos and Shangri-La and Sheraton hotels, were stalled last year as the company grappled with a cash shortage, brought on by the financial crisis and Sands' massive debt load, that threatened its agreements with creditors.

Sands' latest casino resorts are part of Chairman Sheldon Adelson's quest to turn a section of Macau known as the Cotai Strip into a Chinese version of the Las Vegas Strip with a mix of gambling, conventions, shopping, entertainment and other draws.