{"id":4468,"date":"2010-08-27T13:10:46","date_gmt":"2010-08-27T21:10:46","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=4468"},"modified":"2018-05-03T13:11:29","modified_gmt":"2018-05-03T21:11:29","slug":"venetian-oriental-delayed-again-wynn-drai-divorce","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/venetian-oriental-delayed-again-wynn-drai-divorce\/","title":{"rendered":"Venetian Oriental delayed again; Wynn & Drai divorce"},"content":{"rendered":"

\"\"Worker-recruitment problems in Macao<\/strong> are worse than Las Vegas Sands<\/strong> has been letting on. The company has now re-postponed its $4 billion, 6,000-room Venetian Oriental<\/strong> into late 2011, with its second phase debuting in mid-2012. The company’s verbiage, however, raises the possibility of further setbacks. Construction is expected to take 16 months, “once we have sufficient labour to ramp up construction activities to requisite levels<\/em>.” Considering that aforesaid labor is required to be 50% Macanese, there’s no telling how long it will take the workforce to reach critical mass.<\/p>\n

Incidentally, the next time that Sheldon Adelson<\/strong> apostrophizes Red China<\/strong> as the happiest place on Earth, someone should ask him about this 60-mile traffic jam<\/a>. (And you thought I-15<\/strong> was bad!) It lasted at least six days and — Gadzooks! — look at that smog.<\/p>\n

One of Adelson’s rivals<\/strong>, better known as Melco Crown Entertainment<\/strong> is feeling the love from Sterne Agee<\/strong> analysts. They note that Melco has almost 19% of table-game play, behind only Sociedade de Jogos de Macau<\/strong>‘s 29%. Market share in table play has been trending Melco’s way over the summer, “indicative of continued small refinements at City of Dreams<\/strong>.” Both Sands and Wynn Macau<\/strong> have been losting market share to Melco (+4.5%) and, surprisingly, Galaxy Entertainment<\/strong> (+3.5%). MGM Grand Paradise<\/strong> continues to lag, stuck just above 7%. At $3.75\/share, the analyss argue, MPEL is grossly undervalued relative to LVS and WYNN.<\/p>\n

From Las Vegas, this is the news<\/strong>. (Sorry, Shakespeare.) “In order to pursue other interests, Victor Drai<\/strong> has entered into an agreement with Wynn Las Vegas<\/strong> allowing him the ability to pursue a wide range of business opportunities which would necessitate reducing his responsibilities … Hence, the relations that have worked so well for both Wynn Las Vegas and Victor Drai have come to an end on the best of terms, with the warmest possible feelings of both parties. Speaking for Mr. [Steve<\/strong>] Wynn <\/strong>and myself, we wish Victor well in his future endeavor<\/em>s.\u201d Thus reads a proclamation by Wynn LV prexy Andrew Pascal<\/strong>. Spokeswoman Jackie Oribello appends, “Jesse and Cy Waits<\/strong>, who have run Tryst<\/strong><\/a> and XS<\/strong><\/a> for Victor Drai, will remain … so that these operations will enjoy complete management continuity<\/em>.”<\/p>\n

What does all this mean? Not being hip to the nightlife scene, I’ll leave this one for Steve Friess<\/strong> or Richard Abowitz<\/strong> to decipher.<\/p>\n