Tuesday, March 30, 2004 | 11:20 a.m.
Adelson's expansion plans detailed
Venetian owner Sheldon Adelson's long-planned second megaresort on the Las Vegas Strip will have 53 stories and will top Steve Wynn's Wynn Las Vegas hotel-casino across the street by 105 feet, according to an architectural draft of the project submitted to Clark County planners.
Venetian spokesman Ron Reese declined to comment on the project Monday until the company submitted final design plans.
County officials said the planning commission was scheduled to vote April 8 on The Palazzo, but the hearing was delayed.
"The Venetian people are still working on their revised parking plan," Gregory Borgel, a planning consultant on the project, told the Associated Press.
Wynn had earlier criticized Adelson for submitting plans to the county that Wynn said didn't include enough parking space. Venetian officials have declined comment on that criticism.
Deutsche Bank analyst Marc Falcone said the rivalry between Adelson and Wynn -- who also will compete in Macau -- is good for Las Vegas.
"Clearly the competitive nature of those two developers results in a constant evolution of better product for Las Vegas," Falcone told the Associated Press. "Those guys are going to piggy back off of each other's success."
Resort developer may raise more funds
Wynn Resorts Ltd. may raise as much as $1 billion in new funds, the Las Vegas-based company announced this morning in a Securities and Exchange Commission filing.
Wynn Resorts may sell additional common stock, preferred stock, or secured debt to raise the money, which could be used for acquisitions, stock or debt repurchases and other business opportunities, the company's filing said.
Wynn Chairman and Chief Executive Steve Wynn was not immediately available for comment this morning.
Firm's stock falls on debt news
Some investors sold Caesars Entertainment Inc. shares this morning after the Las Vegas-based operator announced plans to sell $300 million in long-term debt.
Caesars shares traded at $13.08 this morning, down 61 cents, or 4.5 percent, in heavy trading, after the company announced plans to sell the floating-rate notes that would carry a floating interest rate and come due in 2024.
Caesars also announced that the newest member of its board of directors had resigned the post because of personal reasons.
Washington D.C. lawyer Ralph Ferrara had been appointed to fill the unexpired board term of former Marine Corps Commandant P.X. Kelley that expires May 26, Caesars spokesman Robert Stewart said this morning.
Ferrara's law practice demands were too great too allow him to stand for reelection to the Caesars board, Stewart said. Ferrara resigned the post before the expiration of the term so that his name could be taken off the the next shareholders' proxy ballot, Stewart said.
"It's a little early," Stewart said when asked if the company had decided on a new board member to nominate to the spot Ferrara resigned.
Las Vegas Investment Advisors analyst Dave Ehlers said the market's selloff of Caesars reflects the belief of some analysts that the company carries too much debt, with existing debt of more than $4 billion, more than the company's market capitalization.
BROOKS, Calif.:
The 53-member Ramsey Band of Wintun Indians said it will double the size of its Yolo County casino when doors to an expansion open Monday. The tribe's Cache Creek Casino Resort has undergone a $200 million expansion on two-lane Highway 16 in the Capay Valley between Sacramento and San Francisco.
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