Venetian's
public offering of
$575 million OK'd
October 22
The company that owns
The Venetian,
Las
Vegas Sands Inc., which
owns the Venetian, has
completed the final
stage of approval from
the Nevada Gaming
Commission to sell up to
$575 million of its
stock.
Still, t
he
federal Securities and
Exchange Commission must
also give it's go-ahead
for the deal to be
completely final.
Yesterday, an
attorney for the Sands,
announced to the
commission that he
hoping the sale would be
finished in December.
The money will go toward
expansion in such new
gaming areas as the UK.
The Venetian is
constructing a second
casino on The Strip with
completion anticipated
in the year 2007. Even
though the Sands will
build it, the Palazzo
project will be leased
and owned by a different
company.
The commission
questioned Sands leaders
regarding the companies
gaming casinos in Macau
that opened this year.
The executives said the
casino is still catering
to the mass market and
is moving toward
bringing-in more
high-rollers.
It
was a busy day for the
commission. Other
non-restricted
applications that were
allowed included William
J. Allison's application
to deal with New
York-New York in Las
Vegas, and Sheldon
Adelson's application to
move 16% of his stock in
the Venetian into a
trust for his family.
