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Replacement Ahead for Sands Convention Center

LAS VEGAS-Las Vegas Sands Corp. plans to build a new Sands Expo on an adjacent site and redevelop the existing site, which abuts its two main Strip properties.

By Brian K. Miller | Updated on April 14, 2008

LAS VEGAS-Las Vegas Sands Corp. is planning to replace its 1.2 million-sf Sands Expo & Convention Center with a new $680-million development on an adjacent site. The move would create a state-of-the-art convention facility with improved access while freeing up the existing site abutting the back side of the company’s Venetian and Palazzo resorts for redevelopment.

Company executive Brad Stone revealed the plans at a recent investor conference, a transcript of which was provided to GlobeSt.com. Stone told investors the site could hold 10 to 14 million-sf of development. For comparison, the Venetian resort contains just less than 10 million-sf of built area, not including the newly completed and connected Palazzo resort.

“We could put between 4,000 and 7,000 keys on this piece of property, we could put condominiums [totaling] from 2 million to 3 million-sf of net leasable square footage, and we could generate roughly 500,000-sf of additional retail opportunities,” he said. “It’s something that we haven’t committed ourselves to yet; we’re simply exploring, going through the exercise, looking at land costs, construction costs, looking at the opportunities, again, to sell off core assets. As this slide illustrates, there’s 2 million to 3 million-sf of condos, and 500,000-sf of additional opportunities to sell down non-core assets and buy down the cost of this type of investment. Las Vegas is an expensive town to build in right now, but again, we have an infrastructure set up in place that we think we can build fairly cost effectively, and if we can bring down the cost of construction and investment by selling off non-core assets, it seems to be the right opportunity for us.”

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