Las Vegas Sands Corp.: A High-Risk, High-Return Strategy? |
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Introduction Contd...
Analysts also pointed out that the company depended almost entirely on the resourcefulness of Adelson - who was in his mid-70s - for all its strategic decisions. Background Note
Las Vegas Sands Corp.'s first casino property, The Venetian, was constructed by
demolishing the historic Sands Hotel and Casino (SHC). The SHC, founded by Jake
Freedman, had opened for business on December 15, 1952. Initially, the hotel
complex had only a few hundred rooms. After the death of Freedman in 1958, Jack
Entratter and Carl Cohen became President and Vice-President of the hotel,
respectively. They added a 15-story tower which went on to become a well-known
landmark of Las Vegas (Refer Exhibit I for a photo of the old Sands Hotel and
Casino).
5] Howard Hughes (1905-1976) was an American aviator, engineer, industrialist, film producer, and director. Between 1966 and 1968, Hughes was reported to have bought several hotels/casinos, including New Frontier, The Landmark Hotel and Casino, Castaways, and Silver Slipper, in the Las Vegas area.
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