Hotel king adds a jewel to his crown

Their relationship began to sour after the Mirage opened and Adelson complained about noise from the eruptions of its signature faux volcano across the street from the Sands. Wynn, whose sole Las Vegas operation is now the Wynn Las Vegas, directly north of the Venetian and Palazzo, has complained about Adelson's employee parking arrangement, and the height of the Palazzo, which is taller than the Wynn.

Wynn, through a spokesman last week, declined to comment for this article.

Rivals' fates are forever linked

Adelson said that he and Wynn have not spoken in years and that he has not been in Wynn's current resort. Yet, the financial interests of their companies are linked.

Last year, the Venetian Macao's revenue for its first month of operation failed to meet Wall Street expectations, prompting both Las Vegas Sands' and Wynn Resorts' stock prices to slide as investors re-evaluated their euphoria over Macau. Adelson blamed the correction on Morgan Stanley's Brown, whose revenue estimates, he said, weren't realistic. He also claims the analyst called to apologize to him later.

Brown recalled that conversation not as an apology but as a "clearing of the air" and said that she still believes that Las Vegas Sands is a fundamentally sound company that "longer term, will get a fantastic return." Deutsche Bank gaming-stock analyst Bill Lerner forecasts that Las Vegas Sands stock will soar to $120 a share this year.

At 74, Adelson knows he can't lead his company forever. He's giving away millions every year to medical research and other causes. He says Las Vegas Sands will be run by the executives now in place. Adelson acknowledges that there's no telling where he'll rank when Forbes does its list next time. But "I'm doing OK," he quipped. "Don't run a benefit for me."

  • 1
  • |
  • 2
  • |
  • 3
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
You Might Also Like...
See It, Share It
PHOTO: U.S. Customs and Border Protection officers at the George Bush Intercontinental Airport in Houston stopped a would be smuggler from bringing nearly 7 ounces of cocaine into the country in tamales, Aug. 22, 2014.
U.S. Customs and Border Protection
Real Housewife Phaedra Parks Lists Home in Suburban Atlanta
Real Housewives of Atlanta star, Phaedra Parks, has listed her 4,000-square-foot home with 5 bedrooms and 6 baths for $340,900.
In this image from video posted on Facebook, courtesy of the George W. Bush Presidential Center, former President George W. Bush participates in the ice bucket challenge with the help of his wife, Laura Bush, in Kennebunkport, Maine.
(Courtesy George W. Bush Presidential Center/AP)