Uncertainty over Mainland and Macau government policy contributed to the decision by Las Vegas Sands Corp to halt work on a 3.7 bln usd casino complex, the South China Morning Post reported, citing the company’s president and chief operating officer William Weidner.According to the newspaper, Weidner said it would not be prudent to put more money into the project until the central government’s attitude towards Macau becomes clearer.

Sands has already spent 1.16 bln usd on the project and will pay a further 881 mln usd to prepare it for suspension and settle outstanding payments to contractors and suppliers, the newspaper said.

‘There have been some changes in the central government’s attitude towards Macau … we don’t think it’s necessarily all that prudent to put more money in until we see how that attitude works its way out,’ the Hong Kong newspaper quoted Weidner as saying.

Las Vegas Sands  said last week it would lay off up to 11,000 construction workers in Macau after the financial crisis forced it to suspend the building of a 6,400-room resort opposite the Venetian.

However, regulatory uncertainty in Macau appears to have partly driven the decision as the company said work would proceed on a five bln usd casino resort in Singapore, the newspaper noted.

Weidner added that Macau’s policy missteps and lax regulation of the gaming industry share the blame for projects being delayed or shelved.

Forbes