Palazzo Owner So Over Vegas
The Palazzo Las Vegas may be kind of a bust, but that doesn't mean Sheldon Adelson isn't the third-richest guy in America. The 74-year-old hotel mogul--and majority shareholder of Las Vegas Sands, which operates the Palazzo, the Venetian and others--is about to give up on Vegas from the sounds of a recent interview in USA Today.
See, Vegas may be a mint, but as Adelson says himself, way more people live near Macao than live near Southern Nevada. So he's focusing on the Chinese enclave and gambling mecca, where he hopes to turn the Cotai Strip into "Asia's Las Vegas."
While rival hotelier Steve Wynn has been comparatively slow to crack the Macao market, Adelson is working with a supply-side mentality. (If you build it, they will come.) His 3,000-room Venetian Macao brought the total number of rooms in the region to 8,500, which he says is far from enough for the hundreds of millions of people living nearby.
· Hotel King Adds a Jewel to His Crown [USA Today]
· Palazzo Las Vegas is Kind of a Bust [HotelChatter]
· Palazzo Las Vegas Opens Some Public Spaces, Not Rooms [HotelChatter]