Las Vegas Sands (LVS) announced in a statement that it will be halting part of its development in the gambling haven of Macau due to trouble accessing credit amidst the global financial crisis.

The firm, which operates two casinos in Macau, including the Venetian, said that work on parts of a US$12 billion resort and casino development on the Cotai Strip would be stopped.

“Sites five and six on the Cotai Strip will be temporarily suspended until conditions in the capital markets improve,” it said in a statement. It also said it would continue to seek financing that would allow it to complete the project, which includes a 1,800-room Sheraton hotel and three casinos.

“Our temporary suspension programme will enable us to re-commence development in an efficient fashion, should sufficient capital to complete phase one of our development plans become available on reasonable terms,” it said.

Meanwhile, work on the Four Seasons private apartments in Macau and its Marina Bay Sands project in Singapore would continue.

The company’s US-listed share price fell from US$148 last October to around US$8 in November on worries about its debt burden, but it announced that it was in the process of raising an additional US$2 billion in funding commitments.

The firm has spent US$2.4 billion on the Venetian casino resort. Its aggressive expansion in the United States and abroad, as well as the credit crunch, has left LVS struggling to service its debt.