Venetian reports better results

Wednesday, Feb. 2, 2000 | 11:04 a.m.

The Venetian hotel-casino won't report fourth-quarter financial results for another two months, but released some preliminary numbers Tuesday indicating fortunes are improving for the Strip resort so far this year.

The 3,000-room hotel's occupancy was 89 percent, 85 percent and 74 percent at average daily rates of $184, $191 and $150 during October, November and December, Venetian official Brad Stone said.

That compares with occupancy of 85 percent, 92 percent and 92 percent at average daily rates of $127, $145 and $167 for July, August and September.

Stone, executive vice president of Venetian owner Las Vegas Sands Inc. -- which is owned by Sheldon Adelson -- also said room occupancy improved to 89 percent at an average daily rate of $184 for the first 29 days of January.

He said slot handle has increased to an average of $31.3 million in the week ended Jan. 29 from $29 million a week during the first seven days of September.

Stone, speaking at a high-yield bond conference in New Orleans, said table-game drop rose to $17.5 million a week in the period ended Jan. 29 from $14 million a week at the beginning of September.

Overall resort revenue for the first 29 days of the year 2000 totaled $50.9 million, compared with monthly revenues of about $45.5 million, $43.3 million and $36.5 million in October, November and December, Stone said.

Total daily revenue per available room -- a measure of total spending and gambling by hotel guests -- rose from $404 during the third quarter to $450 in the fourth quarter and $578 through Jan. 29.

Stone said the Venetian's final three restaurants -- Lutece, Postrio and Warner Brothers Stage 16 -- are now open, boosting the total to 15, and that 65 retail shops and boutiques are operating in the Grand Canal Shoppes area.