Venetian plans expansion

February 06, 2001 5:42 AM
by

share

The Venetian is adding a 1,100-room tower atop its parking garage, but that’s not enough for head gondolier Sheldon Adelson. He plans another 3,000-rooms — and it won’t have the Venice imprint, according to a source.

Ground-breaking on this project (Phase 2 for the Venetian resort) should come by next spring. Price tag: upwards of $900 million.

The 1,100 rooms (Phase 1A) will be started by July. Price: $200 million. It should open by mid-summer next year; Phase 2, by the year 2004. That will give the Venetian 7,200 rooms, the biggest hotel in the world.

After a shaky opening two years ago, the Venetian’s net revenues were up nearly 50 percent for the quarter ending last September, with cash flow up 80 percent.

Its bonds are trading above par (105) now, and net loss has been pared dramatically.