The global financial downturn has not passed over Macau, the world’s biggest gaming market. But work on four hotels of the 70% complete Las Vegas Sands development, stalled in November, is on course to begin again by the end of the year if the developer obtains financing to complete the $12-billion project, which includes an 1,800-room Sheraton and three casinos on reclaimed land known as the Cotai Strip. Rival Melco PBL Entertainment has raised $200 million in the U.S. to repay debts and accelerate repayments due on a $1.75-billion construction loan for the partially built $2.1-billion urban entertainment resort development, also on the Cotai Strip, called City of Dreams.

Macau’s casino-led construction boom was brought about by the government’s decision, in 2002, to allow foreign casino operators into the market. But in the first half of the year, gaming revenue dropped 12% compared to last year, to $6.4 billion. That was the worst period since the government liberalized the sector.