LAS VEGAS (
) -- Gaming company
Las Vegas Sands
plans to restart work on two stalled construction sites in Macau in January after it secured $1.45 billion in fresh financing from banks, the
Wall Street Journal
reports, citing a person close to the company.
The company has planned a massive development of a strip of casinos in Cotai, an island off Macau, China's gambling hub, but financing problems forced the company to discontinue construction a year ago and lay off 11,000 workers.
In a filing Monday, Las Vegas Sands said it secured $1.45 billion in financing from banks and is seeking to raise another $300 million to fund construction at the halted projects which the company estimates will need around $2 billion to finish. The company previously disclosed plans of using about $500 million of $3.83 billion it is looking to raise through an initial public offering in Hong Kong for its Macau assets.
A majority of the company's revenue come from its Macau operations, the