The Las Vegas Sands Corporation has plans to restart construction in January 2010, on its multibillion dollar Macau gambling resorts, after the work was suspended last year. The suspension was due to a financial crunch.
The Sands hopes to earn about $3 billion dollars from an IPO for shares in its casino operation in the small enclave of southern China, which happens to be the largest casino market in the world.
The Sands will use $500 million to renew construction on the casino and hotel projects. The company has a goal to employ about 12,000 workers. When construction was halted, about 11,000 workers were laid-off last year.
The multi-faceted project, which includes not only casinos but Shangri-La and Sheraton Hotels, was stopped late last year when the company struggled with an unexpected shortage of cash which was attributed to the current financial crisis and massive debts accumulated by the Sand Corporation.
According to Sands chairman Sheldon Adelson, his vision is to convert a part of Macau into a Las Vegas Strip with Chinese style. The current resort projects will bring that vision to light. The resort will include a mix of casino action, shopping, various forms of entertainment as well as conventions and other events.
Shares for the new Sands project should begin selling November 30, on the Hong Kong Stock Exchange.
The first IPO for an American casino company in Macau came from billionaire Steve Wynn last month, with an initial pricing of $1.6 billion.
