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Vegas Sands Looks to Become Gambling Giant

By Chuckmonster on Friday, 10th December 2004 1:49pm
  » filed under Las Vegas  comments: 0

   

LAS VEGAS - When billionaire Sheldon Adelson sold his successful Comdex computer show and decided to build a lavish hotel-casino with thousands of rooms, gambling executives ridiculed his business model.

They said Adelson's plan for The Venetian to cater to business travelers and profit from hotel rooms and conventions wouldn't work on the Las Vegas Strip, where everyone knew casinos were the true moneymakers.

Critics and competitors told The Wall Street Journal in 1997 Adelson was "smoking something" and his over-the-top property was doomed because Las Vegas had too many rooms and couldn't make enough money outside the casino to support its size.

Executives at the Las Vegas Sands Inc., The Venetian's parent company, can laugh now when they read that article. The Venetian is the second most profitable hotel-casino in Las Vegas after the Bellagio, Steve Wynn's upscale creation that raised the stakes in this city, putting luxury at the forefront of the Las Vegas experience.



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