The newest Strip property for Las Vegas Sands Corp., the $1.8 billion Palazzo adjacent to the Venetian, is on schedule to open next year, but it’s taken a few imaginative moves from company officials to allow construction to proceed on such a rapid pace.

These maneuverings are just part of a property that is expected to be unlike anything else on the Strip. From its 4,000-space underground parking garage to its 105,000-square-foot casino, the Palazzo is a combination of bold and beautiful.

Las Vegas Sands Corp. Executive Vice President Brad Stone said, while the Palazzo will be connected to the 4,027-room Venetian, it will not be a mirror image.

“People are going to be surprised when they walk into this building because this property is going to be a lot more interconnected than the Venetian,” Stone said. “It’s a huge property, but to the consumer, it will feel very comfortable, and in a way, very intimate. Yet, it will have huge drama.”

While construction workers toil away on the 36th floor of what will ultimately be a 50-floor hotel tower, it was innovative moves like purchasing five, $5.1 million cranes and locking in a price for steel before the recent construction boom sent material prices skyrocketing that has allowed the property to remain on-time and on-budget.

“No construction job goes smoothly. You’re always ironing out different problems,” Stone said. “We did a lot of early buys which have helped. The steel deal was a brilliant move. Construction costs are rising and no one is immune to that. But where you have to keep sharp is how you build and buy in this marketplace.”

The company is also using its purchasing subsidiary in China to buy building materials and exterior features. The company also formed its own marble business to handle the property’s stonework.

By Greg Jones

Greg Jones is managing editor of Casino Connection Nevada, as well as associate editor of Global Gaming Business magazine.

Please login to post your comments.