Money

Travel Roundup: Cuban Travel Ban Debate, Las Vegas Sands Layoffs, Embraer Expects Brazil's Money and More

By Barbara Hernandez

Updated on: March 30, 2009 / 2:42 PM EDT / MoneyWatch

Cuban travel ban could be lifted -- Senators and special interest groups are scheduled to rally for a bill to end travel restriction to Cuba Tuesday and President Barack Obama is expected to further loosen travel restrictions by the Summit of the Americas conference April 17-19 in Trinidad and Tobago. The restrictions were put in place in 1961, and tightened under the Bush administration, but the U.S. Treasury has some leeway to ease requirements that would limit travel to the island nation. [Source: Washington Post]

Las Vegas Sands lays off 283 -- Las Vegas Sands Co. laid off 283 employees Friday, including corporate office workers as well as Venetian and Palazzo resort workers. The company employs about 7,000 in Las Vegas. The layoffs are part of company cost-cutting because the company is $10.4 billion in debt. A $5.4 billion resort in Singapore is still scheduled to open this year. Executives with the company say they are considering refinancing some of their debt by buying back $800 million in loans. [Source: Las Vegas Sun]

Embraer expects Brazilian investment, announces profits -- Embraer, also known as Empresa Brasileira de AeronÃ¡utica S.A., said it expected Brazil's development bank to triple financing commitments and that the company had no plans to change its commercial products for another two years. The company's revenues grew due to increased deliveries and profitability, but its fourth-quarter report showed a drop in business jet demand -- 27% to $249.7 million. Commercial sales grew about 3% to $1.2 billion and defense and government revenue grew 17.5% to $176.4 million. [Source: Aviation Week]

Dubai World says MGM Mirage's $200 million "good faith" -- Dubai World said MGM Mirage's $200 million payment that kept their joint project CityCenter solvent, is a sign of good faith but that it was only a "temporary solution" to the financial problems plaguing the casino operator. The first stage of the Las Vegas strip development is scheduled to open this year. [Source: Associated Press]