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Could Spain Be Getting Its Very Own Las Vegas-Style Strip?

Could Las Vegas Sands Corp., of Venetian fame, really be bringing a giant clutch of casino-resorts to Spain, a country where unemployment now tops 20 percent? Yes, at least according to chairman Sheldon Adelson, who told reporters late last week, "I want to do a mini Las Vegas." He suggested the overall price tag for the development would be €10-€15 billion, but there's not yet a timetable for the project.

The company is already in talks with governments in Barcelona and Madrid, and Valencia and locations along the Costa del Sol are also on the Sands' radar for the 20,000-room super-project that Adelson claims could create as many as 180,000 jobs.

He appears to be serious about this! And while it seems unlikely that the Spanish would be rushing to gamble at new casinos and fill additional rooms in an already weak market, Spain does offer one thing that Las Vegas and Macao don't: proximity to English punters.

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Hotel Woes / Hotel Construction / Viva Vegas / Hotel News / Las Vegas Sands / Sheldon Adelson / → All Tags

Construction on St. Regis Las Vegas Gets Stopped

There's a lot to be blue about in Las Vegas.

Last week the Las Vegas Sands (owners of the Venetian and Palazzo and a few other big hotel-casinos) made the semi-shocking announcement that they were nearing bankruptcy and today another blow came to the Las Vegas Strip courtesy of the LV Sands--construction on the St. Regis condo tower which borders the Venetian and Palazzo and is owned by the LV Sands has been halted. Globe Street reports:

In the US, Las Vegas Sands has stopped work on a $600-million, 400-unit, high-rise condominium tower it was developing on the Las Vegas Strip, in front of its new Palazzo resort, but will complete the retail podium....It will consider recommencing construction when conditions improve, at which point it would take 18 months to complete the project.

Uh-oh. Guests staying in the Palazzo or the Venetian might have ghost town construction site views from their rooms. Much like we had of the halted Echelon project from the Trump Tower. Eeeek. Vegas, Get Better!

Related Stories:
· The Venetian and the Palazzo Might Go Bankrupt But Room Rates Aren't Dropping [HotelChatter]
· Snapshot :: Echelon's Construction Ghost Town [HotelChatter]

Viva Vegas / Hotel Woes / Hotel News / Hotel Deals / Las Vegas Sands / Sheldon Adelson / → All Tags

The Venetian and the Palazzo Might Go Bankrupt But Room Rates Aren't Dropping

Where: 3355 Las Vegas Boulevard South [map], Las Vegas, NV, United States, 89109

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.

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