Las Vegas Sands Reduces Macau Staffing
A decline in business at its Macau casinos is causing Las Vegas Sands (LVS: 20.06 +7.33%) to reduce its workforce by about 4,000 employees over the next several months. The cutback represents twenty percent of Sands’ Macau workers.
The gaming company hopes to accomplish most of the reductions through attrition, laying off only where necessary. Both the Sands Macau and the Venetian Macau will be affected.
A combination of recessionary effects, overbuilding in Macau, and a Chinese government decision to restrict travel to the gambling zone have caused the once-booming casino market to slow dramatically.
“This is part of right-sizing the business to meet the demand we face,” said Las Vegas Sands spokesman Ron Reese.
Sands has also been looking to sell retail and restaurant space it had expected to develop on the Cotai Strip. But bids have not been forthcoming, and the company may move to sell part of its Macau gaming investments.
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