LAS VEGAS—Construction might soon resume on an unfinished condominium tower on the Las Vegas Strip, or maybe not.
An article in the Las Vegas Review-Journal, quotes Las Vegas Sands Corp. president Michael Leven, in speculating about the future of the 400-unit St. Regis-branded project located adjacent to the Venetian and Palazzo casinos.
“We're going to do something. We just don't have the answer,” Leven said, discussing the $600 million enterprise that was came to a standstill in November 2008.
“It's not a financial decision anymore, but we want to do the right thing,” Leven said.
Restarting the building as a condominium project doesn't seem likely, he said, and the company paid for a study that looked into converting the tower into a time share, “but the numbers didn't work out.”
The company has considered making the building a hotel room expansion for The Venetian and Palazzo, which have a combined 7,000 hotel rooms and suites.
For now, the empty and unfinished building sits above the high-end fashion retailer Barney's New York. In 2011, Las Vegas Sands pulled down a construction crane and covered the unfinished steel and concrete structure with a specially designed tarp that makes the building look finished from far away.
Leven told the newspaper that the cover cost $1 million.
Click Review-Journal to read the full story.
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