Wednesday, Oct. 25, 2000 | 11:09 a.m.
The Aladdin's Desert Passage mall isn't the only retail center on the Strip in disputes with its tenants.
Sheldon Adelson's Las Vegas Sands Inc., owner of the Venetian resort, reported this week that profits from its Grand Canal Shops mall have been hurt by construction delays and other factors.
The shops generated rental and related revenue of $8.9 million during the third-quarter of 2000 compared to $3.2 million during the third-quarter of 1999 and cash flow of $4.5 million during the third quarter of 2000, compared to $900,000 during the third-quarter of 1999. The Grand Canal Shops opened June 19, 1999, and are now nearly fully leased, the Venetian said.
"The Grand Canal Shops earnings have been impacted by tenant disputes related to construction delays during 1999 and rent commencement dates contingent upon completion of the walkover bridge to the west side of the strip. These rent adjustments have resulted in revenue reductions of $1.3 million year to date," the Venetian said.
The Venetian said it hopes the pedestrian bridge to Treasure Island and the Mirage is completed in the next several quarters.
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