Chips are down for Vegas properties

Las Vegas is not the first place you'd think would take the current downturn that well, and sure enough legendary hotel the Venetian (pictured) as well as sister property The Palazzo, both on the main Strip, could close if owner Las Vegas Sands is in as bad a state as reports are making out. Owned by billionaire Sheldon Adelson, shares in the Las Vegas Sands company have fallen by 33% according to Bloomberg. New resorts planned for Macao, China and Singapore worth $16 billion are likely to be spiked as a result.
They surely won't be the last high-end hotel firm to hit the buffers. But despite the news and the rapidly emptying high end luxury stores in Las Vegas, not every company is on the defensive. Starwood Hotels & Resorts are still following through with their St Regis launch in the city - good luck, we say because opening anything there now is a real gamble.