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Issue
14
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December
13 - 20, 2000
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Volume
1
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page
2
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Venetian
Eyes Expansion
Venetian spokesman Kurt Ouchida said Friday the investment community is aware that Las Vegas Sands wants to add rooms to meet demand. "But no terms have been discussed or disclosed," Ouchida said. Word has circulated among Wall Street investors and analysts in recent days that Las Vegas Sands Inc. bosses are close to finalizing terms of a $150 million deal that would lead to the tower's construction. Executives of Venetian operator Las Vegas Sands had been meeting with the company's bondholders seeking $120 million of new bonds to finance the project, said a source who requested anonymity. But those talks recently ended, as the megaresort's management team turned to the Wall Street investment banking firm Goldman Sachs for a $150 million construction loan that could be drawn down over a 15-month period, the source said. "They'd like to be able to service more of the embedded demand at The Venetian," a source said of the privately owned, publicly financed property. The 3,036-room Venetian opened in May 1998 at a cost of $1.5 billion. Construction delays and county safety testing led to a phased opening that angered hotel guests who were forced to stay elsewhere. Las Vegas Sands Chairman Sheldon Adelson has spoken of building a second 3,036-room tower on 16 acres of adjacent land, but company President Bill Weidner said The Venetian needs several consecutive quarters of positive results before proceeding with a second phase. The hotel generated third-quarter room revenues of $45 million, compared with $35.5 million during the third quarter of 1999, according to the company's most recent filing with the federal Securities and Exchange Commission. |
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Bob Anderson
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Singer-impressionist Bob Anderson will return to The Stardust Resort & Casino for a special holiday engagement December 10 - 22, appearing in the Wayne Newton Theater. Anderson, the first of the singing impressionists to star in Las Vegas, was inducted into the Casino Legends Hall of Fame in September, joining Frank Sinatra, Dean Martin, Liberace and other famous personalities who have made significant contributions to the gaming industry.
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