The Venetian and the Palazzo Might Go Bankrupt But Room Rates Aren't Dropping
While things look gloomy in Atlantic City, things are even worse in Las Vegas. Las Vegas Sands, the casino company that owns Venetian and The Palazzo in Las Vegas as well as the Venetian in Macao, is facing mountains of debt and could declare bankruptcy, according to Bloomberg News. The sole reason? The properties are simply not generating enough money.
We think the woes may also be traced back to the Palazzo which opened late and got off to a bad start. Throw in the high-end luxury shops that no one is shopping in anymore (including the glorious Barneys New York department store), the fancy expensive meals people are forgoing and the construction of a third Palazzo tower, which will now be a St. Regis, it's no wonder the Las Vegas Sands is having tough times.
But when hotels are hurting for business that usually works out to our, the guests', advantage. Right now the Venetian is offering rooms for $119 a night along with $50 in slots credit and a $50 drink voucher at the new LAVO nightclub (admission for you and up to four guests is complimentary.) You must book by November 30.
The Palazzo is a different story. This weekend rooms are inexplicably going for $549 a night. We know Madonna is coming to town and all but really? We checked for the next weekend and rates came down to $349. During the week, they drop to about $259 a night. Still, is this the best rate to charge when you are facing debt?