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Sheldon Adelson: Vegas Sands
built 633 days ago
With the builder and subcontractor lawsuits eventually settled, Adelson managed to open the Venetian's second phase, the Lido Tower, in 2002. Adelson's Venetian ushered in many significant changes that altered how Strip casinos do business. The Sands Expo Center encouraged many conventioneers to travel to Las Vegas in mid-week, resulting in the expansion of the non-gaming business among people who tend to gamble far less than tourists. Adelson took a chance and raised the bar by charging $250 a night for hotel rooms, and brought in celebrity chef-owned, expensive restaurants. Conventioneers and other visitors were willing to pay for higher-price rooms and gourmet food. Other Strip casinos followed the trend and their revenues for rooms, food and retail, for the first time, out-earned what the casinos brought in.
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One last thing: Despite his congenital focus on the bottom-line, Adelson is playing for more than just the bucks. What he's really burning for is a little credit. Does he feel he doesn't get enough acknowledgment, certainly compared to Wynn, for his role in reinventing the business model in Vegas? "Absolutely." Does he worry the same thing could happen again in Macau? Damn right.
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Dr. Adelson heads both the Dr. Miriam and Sheldon G. Adelson Clinics in Tel Aviv and Las Vegas, which have treated thousands of heroin and cocaine drug addicts. The couple plans to open several more clinics in the near future.
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Adelson and Wynn continued their rivalry in 2005 as they expanded their footprints on the sand. Wynn accused Adelson of not providing enough parking space for customers and employees. Adelson responded by building a seven-story underground parking garage at his Palazzo new addition.
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The biggest player so far is Sheldon Adelson of Las Vegas Sands group who is emerging as the king of Cotai. Adelson has lured the world’s top hotels chains to build six 3,000-room hotel casinos on the Cotai Strip costing over US$6 billion in the initial phase. It is building a 400-room luxury hotel under the Four Seasons brand.
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On August 28, 2007, Adelson opened the $2.4 billion Venetian Macao Resort Hotel on Cotai and announced a vision to launch a massive, concentrated resort area he calls the Cotai Strip, after its Las Vegas counterpart. Adelson formally stated his plans to open more hotels under brands such as Four Seasons, Sheraton and St. Regis. Ergo, his Las Vegas Sands (which rand the Sands Macao on the Macau peninsula), plans to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010.[4]
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