Thoughts from Macau (SAR) China:
“11,000 To Lose Casino Jobs in Macau” – front page featured news at CNN.com today. They are referring specifically to the Sands Venetian.
Well now, not the best news for us working at the Venetian in Macau – but insiders have known it was coming. The dream to make Macau the Vegas of Asia does not come without an element of risk. Granted, Macau IS currently the largest gambling destination in the world, having already surpassed Las Vegas. But a 12 billion or so development project (just to START) by the Sands is monstrous.
There are things I can say and things I can’t say. But about the mood of us over here working at the Venetian? Some are a little nervous wondering what the future brings, and others see ourselves as pioneers like the old Wild West. Not everyone made it in those wagon trains…
Me? I’m of the pioneer mindset. I follow paths to see where they lead. Sometimes it’s fun to do that, sometimes it’s not. But I can’t live without knowing which it is – so I’m in.
I believe in the vision of Adelson – and I think he will stop at nothing to see it through. And I believe in the vision of Cirque Du Soleil. I don’t mind bumps in the road – it tells me I’m still above ground…
The Macau sites, which have cost $1.16 billion so far, are part of the company’s $13 billion master plan in Cotai. Sands is trying to arrange between $1.5 billion and $2 billion in financing to continue building in Macau, but Weaver said it’s not clear how long that will take or when construction might resume, though he’s confident it will.
“We’ve got $1.2 billion sunk in to the ground, we’re not going to walk away from it,” he said. “I think there’s no possibility that it’s never going to start again.”
Weaver wouldn’t rule out further layoffs in Macau.
“We can’t promise that there won’t be people that ultimately are laid off,” he said. “But at this point no decision has been made.”