On the Call: Las Vegas Sands CEO Sheldon Adelson

By The Associated Press

Casino-resort operator Las Vegas Sands Corp. on Wednesday said its second-quarter loss narrowed to $4.7 million as its revenue soared 51 percent with Macau business booming and a new property open in Singapore.

Sands, run by billionaire CEO Sheldon Adelson, has been known for its aggressive development in multiple locations but had to slow down in 2008 as it struggled with its balance sheet.

In February this year, Sands said it would resume development on two parcels in Macau's Cotai area. The plans call for 6,400 hotel rooms on 13.3 million square feet on Macau's Cotai Strip under the Shangri-La, Traders, Sheraton, Sheraton Towers and St. Regis brands. The company hopes the projects attract more large convention business to Macau.

Adelson told analysts on a conference call Wednesday that he couldn't be sure the hotels' openings will get back on track as Sands works with government authorities to hire workers.

But he said he expects them to open on time.

QUESTION: Could you comment a little bit on what your worst-case fallback plan would be for lots 5 and 6 in Macau if it doesn't get any easier to bring in labor?

RESPONSE: "I don't have any official acknowledgment of this, but I, for one, believe that we'll get the people that we need. The government of Macau is only responding to the need for us to try to put local people to work. If they're faced with the choice of not having any growth on the one hand or on the other hand, allowing more foreign workers in, I believe very strongly they're going to allow more foreign workers."