Sands wants to restart Macau development
Las Vegas Sands Corp. is trying to restart its multibillion-dollar gaming development in Macau while its chairman and founder is kicking up his stake in the company.
Stephen Weaver, president of Las Vegas Sands’ operations in Asia, told media in Hong Kong the company was in early discussions with possible investors about financing the rest of its work on the projects along Macau’s Cotai Strip.
"We’re certainly looking to resume in this calendar year," Weaver said. "Our imperative is to get the construction workers back to work as quickly as we can."
Weaver would not identify the potential investors. The company previously said they include two construction companies interested in financing and building the projects in exchange for equity.
In November, Las Vegas Sands shelved four Cotai Strip hotel-casino projects, laying off some 11,000 construction workers.
Meanwhile, Barrons.com reported that Las Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson had purchased 7.8 million shares of the company’s stock for $23.2 million, an average of $2.95 a share.
The transactions took place last week and were made indirectly through one of his investment vehicles. Adelson now owns 338.4 million shares indirectly and through trusts, giving him a 51.8 percent stake in the company.