US Consul General Urges Macau To Handle Foreign Investor Labor Requests Fairly
18 Novembro 2010 - 8:18AM
Dow Jones News
A senior U.S. diplomat Thursday urged the Macau government to
protect the rights of all foreign investors in the gambling haven
and handle their requests to secure labor for projects fairly and
in a transparent manner.
The comments come as casino operators such as Las Vegas Sands
Corp. (LVS) unit Sands China Ltd. (1928.HK) struggle to find
workers to build their expansion projects in Macau after the local
government earlier this year imposed restrictions on foreign
workers.
Speaking at a luncheon about the U.S.'s policies in Asia, the
U.S. consul general for Hong Kong and Macau, Stephen Young, said
U.S. companies have "readily recognized" the opportunities offered
by Macau's gambling and hospitality industries and have invested
more than US$8 billion in the last six years to build casinos,
hotels and exhibition centers, employing tens of thousands of
Macanese.
Young, who assumed his post in March, has met with Macau's chief
executive, Fernando Chui, and had meetings with the management of
Macau's three U.S.-based casino operators, Sands China, Wynn Macau
Ltd. (1128.HK) and MGM Resorts International (MGM).
He said he expects the Macau government's plans to expand the
tourism sector will create opportunities for U.S. firms. But in
order to be successful, he said that all foreign investors must be
"treated fairly and in a transparent manner."
In September he said the consequences of Macau's foreign labor
restrictions on businesses was "an ongoing dialogue that they and I
and the government of Macau continue to pursue" and that he was
optimistic about a resolution.
But Las Vegas Sands said earlier this month the completion date
of its long-delayed US$4.1 billion expansion project "is currently
not determinable with certainty" until adequate labor quotas are
received.
Analysts have said that without a resolution of the labor issue,
the Sands project will be further delayed, possibly forcing a
downgrade of longer-term profit forecasts for the company.
Speaking to reporters after his speech, Young declined to
comment on a lawsuit filed in Nevada by the former chief executive
of Sands China alleging he was wrongfully fired after refusing to
carry out Las Vegas Sands Chairman Sheldon Adelson's illegal
demands.
Among Steve Jacobs' claims in the suit are that he was ordered
to arrange secret investigations on local officials and to threaten
to withhold business from major Chinese banks unless they agreed to
use influence with newly elected Macau officials to get favorable
treatment. Las Vegas Sands has denied the allegations.
-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002;
kathryn.okeeffe@dowjones.com
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