Hotel Online Special Report
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Guaranteed Maximum Price Provided By Construction Manager Ensures The Venice-Themed Mega-Resort Will Open on Time, on Budget
Venetian Finalizes Guaranteed Maximum Price for Construction
 
LAS VEGAS, Sept. 9, 1998 -  Increasing anticipation for its grand opening, The Venetian Resort-Hotel-Casino announced today that it has finalized the Guaranteed Maximum Price (GMP) for construction of its mega-resort, and hopes to complete construction ahead of schedule.

The Venetian has entered into a final GMP with Lehrer McGovern Bovis (Bovis), the project's construction manager. The GMP assures that the over $1.2 billion Venice-themed mega-resort presently under construction at the site of the former Sands Hotel will be completed on budget. Additionally, the GMP provides that Bovis will use its best efforts to complete the project approximately one week earlier than initially planned, but in no event, later than the originally scheduled date of April 21, 1999.

"Given the tremendous cooperation we've received from Bovis and our construction contractors, we will build a project without peer and of the highest quality," said William P. Weidner, President and C.O.O. of The Venetian.

"When we are done, people will be amazed at how we were able to authentically recreate Renaissance-Venice, build the world's largest hotel, retail and convention complex, and create the best appointed and largest standard rooms at the highest quality -- all on budget and ahead of schedule," Weidner added.

Mirrored after Renaissance-Venice, The Venetian has gone to extraordinary lengths to recreate with painstaking exactness the landmarks of the famous city such as the Doge's Palace, the Campanile Tower, St. Mark's Square, the Rialto Bridge, and the Grand Canal -- all built with the finest detail and to full scale in many cases by present day sculptors and builders.

"We want to transport our guests to another place and time by designing a resort that provides visitors with the sense of being surrounded by the festivity and splendor of Venice's architecture, music, art and history," Weidner said.

Upon completion, The Venetian will boast the world's largest hotel and convention complex which includes 3,036 hotel suites, the first all-suites hotel on Las Vegas Boulevard; 116,000 square feet of gaming floor; 500,000 square feet of retail space at The Grand Canal Shops; 500,000 square feet of meeting space at The Venetian Congress Center; and a direct link to the 1.15 million square foot Sands Expo and Convention Center.

In addition, The Venetian will offer unmatched world-class dining and entertainment with owner/operated restaurants such as Joachim Splichal's "Pinot Las Vegas," The Cheesecake Factory's "Grand Lux' Cafe," Emeril Lagasse's "Delmonico Steakhouse," and Il Fornaio's "Canaletto." The project will also premiere the first-ever stateside "Madame Tussaud's Museum" and the first "SpaClub" by Canyon Ranch, one of the world's most elite health resorts.

"In keeping with our strategy to redefine Las Vegas' culture, The Venetian is reaching beyond the simple 'must see' approach to achieving the 'must see, stay, dine, shop and experience' by assembling the best hotel rooms, brand name restaurants, exclusive retail, state-of-the-art gaming and convention space in one spot and under one roof," Weidner added. Further information on The Venetian is available at www.venetian.com. Bovis has built a number of "mega-projects" including the 1996 Atlanta and Sydney 2000 Olympics, EuroDisneyland, and the Kuala Lumpur City Centre, soon to be the tallest building in the world.

Certain matters discussed in this press release may constitute forward- looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including general economic conditions, acts of god, and competition for construction, hotel, casino, food and beverage, and related labor and materials in the Las Vegas market. Reference is hereby made to the "Risk Factors" set forth in the Company's Form S-4 filed with the Securities and Exchange Commission.

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Contact:
Kurt Ouchida of The Venetian, 702-733-5012
Web site:  http://www.venetian.com
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Also See:
Venetian Resort Tops Out at 35th Floor - Recreation of Venice, Italy Takes Shape on the Las Vegas Strip / Aug 1998
The World's Largest All-Suite Hotel Going Up at 6 Floors a Day in Las Vegas / March 1998

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