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Stanley Ho says no plans to lay-off casino staff PDF Print E-mail
Sunday, 16 November 2008
Stanley Ho, the managing director of Sociedade de Jogos de Macau (SJM), said his company did not have any financial concerns or lay-off plans amid the global economic downturn.
He said while Las Vegas Sands Corp (LVS) had financial problems, the other five gaming enterprises remained healthy and "neither SJM nor other four companies had gone out of business, laid off or asked their staff to take unpaid leaves", the Macao Daily News reported yesterday.
Due to the impacts of the financial crisis, the SAR government expected that the gaming revenue each month in 2009 would be at about seven billion patacas, which Dr Ho said was "very satisfied".
In response to LVS suspension of expansion projects on the Cotai Strip which caused about 2,000 local construction workers to be either allocated to other Sands ongoing projects or sacked, Dr Ho said he hoped LVS could compensate the affected workers fully in accordance with the labour law.
On the other hand, the SJM managing director admitted that the shrinking economy did cause impacts to SJM because it was "inevitable", the Chinese daily reported.
Dr Ho said he predicted that influences of the financial turmoil would persist for the next two to three years.

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