PALAZZO OPENS IN LAS VEGAS

The opening of the Palazzo marks the first of a new breed of upscale, luxury resorts that are scheduled to come to Las Vegas over the next couple of years. The property includes a 50-story hotel tower, with more than 3,000 suites, a shopping center with a 85,000-square-foot Barney’s as its flagship, a 100,000-square-foot casino and 14 high-end restaurants spread across 6,948,977 square feet of floor space. With a cost of nearly $2 billion, Palazzo completes a master-planned vision that, combined with the Venetian, brings the first meta-resort to Las Vegas. The company’s President and Chief Operating Officer Bill Weidner says, “One of the things we take a lot of pride in as a management team is doing things that are different and that set trends.” he adds, “With $20 billion to $30 billion in large-scale projects like this coming down the line, we consider ourselves to be the first to develop these kinds of buildings.”

“This marks the beginning of the meta resort era that will take Las Vegas to the next level, and we’re kind of the first ones on that wave.” according to Brad Stone, executive vice president of Las Vegas Sands.

When he, along with Weidner, Venetian and Palazzo President Rob Goldstein and Las Vegas Sands Chairman and CEO Sheldon Adelson, first started master-planning the property in late 1995, the goal was to get as many hotel rooms as possible at the intersection of Sands Avenue and Las Vegas Boulevard. “We never wanted Palazzo to be just an extension of the Venetian, we wanted it to stand on its own with its own character and look.”

Palazzo is about luxury. People come to Las Vegas to see things they can’t see anywhere else, and the Palazzo delivers on that.

Tags: casinos, income producing commercial real estate, luxury, Palazzo, property development