Las Vegas Sands suspended works in Macau in favour of completing its project in Marina Bay in Singapore.

The announcement was made before Macau’s Chief Executive Ho Hau Wah (何厚鏵) announced his Policy Address to the Legislative Assembly.

The projects involved will be located at Plots 5 and 6, including four hotels of Shangri-La, Traders, St Regis and Sheraton, as well as a service apartment.

Executives of Las Vegas Sands said earlier that a ‘major Chinese bank’ may offer USD700 million to keep Macau’s project going, but Sheldon Adelson said later in a statement that completing the Marina Bay project is Las Vegas Sands’ ‘number one priority’, as the Singaporean government has pledged to support.

Macau analysts believed that the reason to suspend projects in Macau is that they belong to the convention and exhibition domains of the business, which do not provide expected returns in a short term.

The Macao Daily News also reported that an estimated of 6,000 construction workers from Hong Kong will be affected by the decision.

Meanwhile, eSun Holdings of the Lai Sun Group also announced that its Studio Macao City in Cotai project will also be suspended owing to financing problem.

Source: BlogMacau.info