St. Regis LV - was and still is Unprecedented
Las Vegas Sands, owner of the Venetian and several other big-name casinos, announced last week they are running out of cash and would halt many of its development sites worldwide. This past Monday, the company announced construction will terminate on the planned St. Regis Las Vegas residences, citing capital markets and the global economy’s impact on operations.
The St. Regis Las Vegas development is/was a $600-million, 400-unit, uber-luxury condo tower being developed in front of the new Palazzo resort (originally planned to open March 2010). While the tower will no longer rise, LV Sands has announced it will at least complete the multiple level retail podium. At this time, some of the retail and entertainment space has already been leased.
LV Sands will consider reinstating construction when the economy and credit markets are more forgiving, at which point it would take an estimated 18 additional months to erect the St. Regis condos. Currently, the retail portion is scheduled for completion by mid 2009.
St. Regis LV would have been in front of the Palazzo (left building)
The turmoil extends well beyond Las Vegas. LV Sands has invested heavily and aggressively in Macau, the island off of Hong Kong often referred to as the Las Vegas of Asia. The company will also be delaying or terminating some of its developments along the Cotai Strip - the once burgeoning gaming and entertainment district in Macau. LV Sands is suspending a Shangri-La/Traders hotel tower and the Sheraton Macau tower and three casinos. The original plan also called for a second Sheraton tower and the St. Regis Macau condo hotel. At this point, the second Sheraton tower and the St. Regis have been suspended indefinitely and will remain eyesores until LV Sands or anyone else comes up with some financing.
Sheraton Macau construction site
Sheraton Macau construction site
Rendering of the St. Regis and Sheraton towers in Macau
