Two Way Hard Three | Las Vegas Casino & Design Blog

May 17, 2005

More Info on the Palazzo Emerges

Posted by Hunter

The Palazzo is Sheldon Adelson's new Las Vegas Strip megaresort being built between Wynn Las Vegas and the Venetian. While some of this information has been posted previously, some of it is new and I'll just combine it all here for your convenience.

The projected opening of the Palazzo is scheduled for the second quarter of 2007. It will contain 3,025 rooms and suites in a 50-floor hotel tower. The complex will feature a 105,000 square foot casino, similar in size to Bellagio, The Venetian and Wynn Las Vegas.

The plan includes 400,000 square feet of additional retail that will connect to the existing Grand Canal Shops.

Adelson has been saying he is going for 'Beverly Hills' and 'Rodeo Drive' ambiance. I'm not exactly sure what that is supposed to mean but he has spoken about some of the architectural features of the resort. Of particular note is the lobby, which will feature a 60-foot glass dome that contains multiple two-story fountains and marble everything.

When the Venetian was expanded with the Venezia Tower in 2004, one of the features was a 'Concierge Floor' that includes a higher level of service and a 24-hour concierge. These rooms have been so popular that the concept is being expanded at the Palazzo with over 375 planned.

The resort will also feature six villas ranging in size up to 11,000 square feet. This high end product is similar to villas at Wynn Las Vegas, Bellagio and The Mirage - long a hallmark of Steve Wynn's high roller offering. They come fully loaded with private pools, jacuzzis, massage rooms, media rooms and more.

While Adelson claims this is an all suite resort, it is the same trick they pull with the Venetian. Most of the rooms are just oversized standard rooms with a sunken living area. I don't think this qualifies as a real suite, which to me means multiple rooms.

That wraps up the info we have at this point. Here's a rendering of the resort as it stands.


Categories: Venetian/LV Sands


Comments

Read archived comments (12 so far)
May 18, 2005 6:37 AM Posted by detroit1051

To whom will LVS market Palazzo? Is it to the convention/meeting attendees, leisure travelers or players? I assume from your information about the villas and concierge floor, Adelson may be targeting players for this tower rather than convention business. LVS is well managed, but Adelson skimped on quality materials and craftsmanship at Venetian. Yes, everything looks first class on the surface, but when you look closely, the quality can't compare with Bellagio or Wynn. That may explain why I believe LVS' returns will be much greater than Wynn. Adelson knows how to operate the property as a business.

May 18, 2005 10:39 AM Posted by Andrew

Very interesting rendering.It totally differ from the rest of the Venetian in terms of shape and style.Well...the Adult Video convention will get even bigger !!! Yuuhhuuuu!!!

May 19, 2005 9:42 AM Posted by Mike

Since Sands is a publicly traded company they actually tell you quite a bit about their business strategy in SEC filings. Here's a quote from their 1994 annual report:

"The Venetian Casino Resort had a mid-week average occupancy rate of 95.5% in 2004 (compared to an 85.8% mid-week average occupancy rate for Las Vegas during that period) due in large part to our trade show and convention-driven business model. We believe that the Palazzo Casino Resort with its 3,025 all-suites rooms will allow us to expand upon this strategy by capturing a larger percentage of excess room night demand generated by trade shows, conventions, conferences and meetings taking place at both the Sands Expo Center and the Congress Center. We also expect further convention business to be generated by our Congress Center, which was recently increased by 150,000 square feet as part of our Venezia expansion and which will be increased again by another 450,000 square feet in conjunction with the construction of the Palazzo Casino Resort. "

Reading on they seem to be expecting the same basic mix of customers the Venetian is getting now: lots of convention-goers midweek with leisure travelers and high rollers weekends.

Well, I tried to embed a link to the annual report on EDGAR, but it didn't seem to work. Here's the link to cut and paste if you're interested:

Mike

May 22, 2005 12:13 AM Posted by Mark

Don't you think the palazzo looks down right boring when you compare it to Bellagio or WYNN Las Vegas?

May 22, 2005 11:18 AM Posted by Hunter

Absolutely.

May 22, 2005 6:23 PM Posted by A

If you look at the picture of the palzzo, it looks like they copied the Beau Rivage in Biloxi that was bulit by Wynn

May 23, 2005 9:01 AM Posted by socalduck

Actually, I think it looks a lot like the fictional Montecito Hotel from NBC's "Las Vegas."

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