The top U.S. diplomat in Hong Kong and Macau on Tuesday stressed the importance of Macau to the U.S. government given the billions of dollars U.S. companies have invested in the gambling haven and concerns about law-enforcement issues in the Chinese territory.

"For an American representative here, the fact that we have six to eight billion (U.S. dollars) of direct investment in the Macau gaming industry alone warrants my attention," Consul General Stephen Young told reporters in Hong Kong.

"But I think there are a lot of other issues involved in that including some transnational law-enforcement issues...that make Macau actually a pretty important part of our portfolio," he said.

He cited the prevention of money laundering, drug smuggling and human trafficking as "important values" for the U.S.

Young, who assumed his post in March, said he has already met Macau's chief executive, Fernando Chui, three times and he also had meetings with management at Macau's three U.S.-based casino operators, Sands China Ltd. (1928.HK), Wynn Macau (1128.HK) and MGM Resorts International (MGM).

Young said he will meet Sands China's new management team on Wednesday. Ed Tracy, who was recently appointed Sands China's chief operating officer in a management shake-up following the dismissal of former Chief Executive Steve Jacobs, didn't provide details on the likely topics of discussion at the meeting when reached for comment.

Young said he expects the issue of Macau's labor policy to come up but that his talks with the Macau government have left him optimistic about a resolution.

"I've been assured by the chief executive and others that the necessary workers that these guys need to do their jobs to both build and run casinos will be available and it's an ongoing dialogue that they and I and the government of Macau continue to pursue," he said.

Sands China has said the shortage of workers in the territory will delay the completion of its more than US$4 billion expansion project there. It now targets an opening date in the fourth quarter of 2011 versus an earlier goal to open in the third quarter next year.

Macau has a small local work force and has imposed tight restrictions on the importation of foreign labor.

-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002; kathryn.okeeffe@dowjones.com
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