Melco Crown Says Macau Project Will Open on Schedule in 2009, by Wendy Leung - Bloomberg - 18th November 2008

Nov. 18 (Bloomberg) -- Melco Crown Entertainment Ltd., a casino venture between Australian billionaire James Packer and Macau magnate Stanley Ho's son Lawrence, said its City of Dreams project is on schedule to open in the first half of 2009.

The project in Macau will create about 7,000 jobs, Melco said in a statement to Hong Kong's stock exchange today. It is expected to be the only major new employer next year.

Las Vegas Sands Corp, controlled by billionaire Sheldon Adelson, said this month it halted development at its $12 billion project in Macau, leading to at least 9,000 job losses. Melco has adopted ``flexible working arrangements'' to avoid ``large-scale redundancies,'' the statement said.

Staff can take additional training programs and continue to receive full pay for part-time work and a training subsidy equivalent to half their pay during course days, it said.

To contact the reporter on this story: Wendy Leung in Hong Kong at wleung12@bloomberg.net.

(Credit: Bloomberg)

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