The Venetian Las Vegas News - Page 38

The Venetian megaresort has shattered Las Vegas hotel-casino profitability records during the first quarter.

The Nevada Gaming Commission has imposed an agreed-upon $1 million fine on The Venetian for rigging contests and violating state gaming regulations.

Two of the casino executives fired by the Las Vegas Strip's Venetian resort for their involvement in the rigging of three 2002 promotional contests are still working in the casino business.

Don't look for the names of The Venetian executives responsible for rigging three February 2002 contests for high-rolling gamblers in the complaint and settlement agreement the megaresort and the Gaming Control Board agreed to Tuesday.

Venetian hotel-casino owner Sheldon Adelson's right-hand man, David Friedman, is leaving the company to build a new gaming resort in Las Vegas.

Rigging a 2002 contest to make sure a losing gambler won a Mercedes-Benz and violating other state rules will cost The Venetian $1 million.

Las Vegas Sands Inc., owner of The Venetian resort and the Grand Canal Shops, reported Q4 cash flow of $63.4 million, an increase of 8.7 percent from Q4 2002. But net income of $2.6 million was down from $6 million in Q4 2002.

Visitors to the Grand Canal Shoppes inside The Venetian walk past men's apparel store Gandini in September. The mall generates more than three times the U.S. average in sales per square foot.

Another piece of Las Vegas history will close next week to make way for The Venetian's second Las Vegas resort on the corner of Twain Avenue and the Strip, across from Wynn Resorts' new hotel-casino.

The two companies will hold the second annual ``Bingo Magic - The World Championship of Bingo,'' which will offer $1.25 million in cash and prizes with the final game of the program having a guaranteed $1 million annuity prize.