The Venetian Las Vegas News - Page 38

The holding company for the Venetian resort has completed its initial public offering of common stock.

Only two Las Vegas resorts are reporting sellouts. Still, most Strip executives are sure their properties will be filled to capacity when the party hits town.

The owner of the Venetian resort in Las Vegas has locked up its top executives with employment contracts in advance of its forthcoming initial public offering.

For a fifth straight year, The Venetian announced today their receipt of the prestigious "Gold Key" Award from Meetings and Conventions Magazine.

Incentive payments to executives worth about $62 million and about $49 million in grants of executive stock options helped drive down third quarter profit at the owner of the Venetian resort in Las Vegas.

Las Vegas Sands Inc., which owns the Venetian and is building the 3,000-room Palazzo on the Las Vegas Strip, has received final approval from the Nevada Gaming Commission to sell up to $575 million in common stock.

The Nevada Gaming Control Board has recommended approval for Las Vegas Sands Corp. to sell up to $575 million in common stock to be used for such things as expansion into the gaming markets in Asia and the United Kingdom.

The Clark County Commission has given The Venetian the go-ahead to build a temporary remote employee parking lot but extended its role in a long-simmering dispute between Venetian owner Sheldon Adelson and Steve Wynn.

Las Vegas Sands Inc., which recently opened a casino in Macau, said today that it has proposed a resort development on a nearby Chinese island, but without any casinos because they are illegal in the mainland.

Las Vegas Sands Inc. said it's opening a $1.01 billion credit line for the Venetian.

Last month's Clark County Commission decision apparently did not settle a longstanding dispute over parking between Strip casino titans Steve Wynn and Sheldon Adelson.

lark County authorized The Venetian to proceed with its expansion plan despite concerns that construction will interfere with Steve Wynn's newest landmark, Wynn Las Vegas.

Henry Hernandez says that the Venetian was his favorite Las Vegas resort before he hit it big there early Sunday morning, winning $2.4 million on Wheel of Fortune dollars.

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.