The Las Vegas Sands stock which was well over the 100 dollar mark this time last year is quivering around the 6 dollar mark in recent trading. The company as a whole has been hit hard by this uncertain economy and the recession that is so surely upon those in the US. But the US economy is definitely not the only one feeling the rippling effects of what is going on in Las Vegas along with other cities that LVS has properties in.

The Venetian, that is the high end hotel beside its newer sister hotel on the Las Vegas strip experienced some serious lay off last month and that was said to just be the beginning. This month there was news that just this week the LVS group was in another binding position where the economic situation forced them to lay off another 500 employees from the Venetian project in Macau. They reported that this unfortunately is unlikely to be the last of the lay offs and they are likely going to have to cut hours for employees as well.

Employees as well as the company are in desperate need of some breathing room and are hoping that this recession will not last a very long time with a quick bounce back into the times that we experienced over the last several years with the economy booming at its brightest.

The company reports that while they are cutting jobs and hours the plans to continue to build the new hotel are still somewhat in the works and they are not anywhere close to completely closing up shop. The Las Vegas Venetian and Palazzo hotel and casino make for two of the most luxurious hotels anywhere in the United States.

This entry was posted on Wednesday, December 24th, 2008 at 1:05 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.