Tuesday, March 17, 2009 | 3:10 p.m.
- Las Vegas Sands replaces president (3-9-2009)
- Las Vegas Sands faces third shareholder lawsuit (2-18-2009)
- Las Vegas Sands swings to loss in fourth quarter (2-11-2009)
- Las Vegas Sands directors hit with shareholder lawsuit (1-28-2009)
- Las Vegas Sands: A big rise, a big fall (1-18-2009)
- Palazzo sues timeshare company over missing rent (1-20-2009)
- Las Vegas Sands denies report of deal for land (1-6-2009)
- Las Vegas Sands cuts 500 casino workers in Macau (12-23-2008)
Beyond the Sun
Las Vegas Sands board member Michael Leven has taken his position as president and chief operating officer earlier than expected, the company announced in a Securities and Exchange filing on Tuesday.
Las Vegas Sands announced that Leven entered into an employment contract and became president and COO on March 11, rather than the previously announced date of April 1.
The SEC filing also showed Leven will receive an annual base salary of $2 million and will be eligible to receive an annual bonus of 50 percent of his base salary, based on his performance. Leven also has been granted the option to purchase 3 million shares of Las Vegas Sands Corp. stock with an additional 1 million in January 2010.
Leven’s appointment came last week when the company announced the departure of former president and chief operating officer William Weidner.
"The company believes that the March 4, 2009, meeting with Mr. Weidner served as notice to Mr. Weidner that he would no longer be employed by the company,’’ Las Vegas Sands said in a regulatory filing.
Weidner noted in his resignation letter he has had and continues to have differences with chairman and chief executive officer Sheldon Adelson about the management of the company.
Last week, another Las Vegas Sands director resigned. James Purcell has said he disagreed with the board’s decision to terminate Weidner’s employment and appoint Leven in his spot.
Earlier Tuesday, Standard and Poor’s Ratings Services downgraded the company’s corporate credit rating from ‘B’ to ‘B-‘ with an outlook of negative.
S&P said it expects Las Vegas Sands to face a substantial liquidity shortfall in 2010 and will likely violate agreements under its Macau credit facility by September if the company does not sell noncore assets in Macau..
The company last month reported a fourth quarter net loss of $111.3 million or 27 cents per share, compared to a profit in the 2007 quarter of $39.9 million or 11 cents. Net revenues for the fourth quarter increased 4.3 percent to $1.09 billion.
In the spirit of Venice, The Venetian is a little piece of romantic Italy right here in Las Vegas. The Venetian is an "all-suite" hotel, with rooms accented with plush linens and Italian marble. The 4,027 suites are divided into two towers: The 36-story Venetian Tower that offers guests a taste of luxurious Las Vegas and the Venezia suites, which guarantee 12 floors of high-end elegance. The top five floors are the hotel's highest level of luxury with its private access, concierge lounge, upgraded features and even a dedicated staff.
The flagship of Venetian nightlife is TAO, an ultra-hip nightclub located inside of TAO Asian Bistro. V Bar is The Venetian's super smooth ultra lounge, made by the owners of New York City's club Lotus and Los Angeles' super swank Sunset Room.
The Venetian features 19 restaurants including Thomas Keller's award-winning French restaurant Bouchon, Mario Batali's B&B Ristorante, Aquaknox for fresh seafood and the 42,000 square foot TAO Asian Bistro. There's also the food court inside the Canal Shoppes for those looking for a quick bite.
Guests can float along The Grand Canal Shops in an authentic Italian gondola ride and pass stores like Burberry and Kenneth Cole along the way. And if you haven't caught a real celeb, on the street in Vegas, you can head over to Madame Tussauds to check out a wax version.