 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
|
Gaming News
Lackluster Luck Won't Slow Venetian's Growth8 April 2001LAS VEGAS – April 7, 2001 –As reported by the Las Vegas Review Journal: “Despite poorer than expected luck for The Venetian's casino during the past three quarters, the low hold percentage won't affect the megaresort's plans to add a 1,000-room hotel tower and two museums, a company official said Friday. ”The reason: The Venetian's business fundamentals remain strong, according to company executives and financial analysts. ”…Through March 17, The Venetian's gaming tables won $14.40 of every $100 wagered in the first quarter of the year, according to a late-March news release issued by the megaresort's parent company, Las Vegas Sands Inc. ”That compared with a full-year 2000 win percentage of $20.50 of every $100 wagered, which was the company's expected figure. ”…The most recent decline in casino luck was expected to decrease the property's first-quarter cash flow by as much as $15 million, according to the late-March statement. ”…`It doesn't affect their (expansion) plans,’ said Andrew Zarnett, a Deutsche Banc Alex. Brown casino analyst. `They've proved this quarter that they have a very balanced property between the casino and the hotel sides.’ ”The poor table performance during the past six months will likely require company Chairman Sheldon Adelson to provide a letter of credit to allow the property to remain in compliance with the terms of its debt, according to the company's recently filed 10-K annual report. ”Adelson, the Las Vegas Sands' lone shareholder, would provide that letter of credit until table games luck returns to normal. ”…The property has plans for three major 2001 expansion projects: ”The 1,000-room addition atop the property's parking garage. ”The September opening of a $21 million, 63,000-square-foot Guggenheim museum to be located between the parking garage and the casino. ”A separate $6 million, 8,000-square-foot Guggenheim-Hermitage museum to be located next to the hotel's lobby.” |