Site is concealed by million tarp
An unfinished condominium owned by the Las Vegas Sands Corp., covered for the past three years by a million-dollar tarpaulin, could soon be put to practical use.
Las Vegas Sands Corp. President Michael Leven told the Las Vegas Review-Journal the company is not yet sure what it wants to do with the building, because the condo-tower model no longer makes business sense. But “We’re going to do something,” Leven said. “We just don’t have the answer.”
Construction on the $600 million St. Regis-branded condo project stopped in November 2008. At the time, Sands was facing potential bankruptcy. It halted development of the property and also delayed developments in Macau to conserve funds, the Review-Journal reported.
Those days of scrimping and saving are over. Las Vegas Sands generated $13.77 billion in net revenue in 2013 and has a market capitalization of more than $67 billion.
“It’s not a financial decision anymore, but we want to do the right thing,” Leven said.