Business Experience with Class of
Boston University MBA Students
|BOSTON - Nov. 21, 2000 - On the invitation of a friend and Boston University
student, entrepreneur Sheldon G. Adelson shared the wisdom of 56 years
of business experience with a class of Boston University MBA students.
Adelson, who prefers the simple title, entrepreneur, has been conquering
the business world since he bought and sold “Boston Globe newspaper corners”
as a poor 12 year old growing up in the Dorchester section of Boston. On
Tuesday (Nov. 21, 2000), he made another conquest — the hearts of his audience
of more than 30 MBA students of Boston University School of Management.
“Keeping your word,” Adelson said, is of paramount importance in business.
Adelson said he is honoring the lessons taught him in his youth by supporting a number of charitable organizations, none more important than free drug rehabilitation clinics in this country and Israel that are run by his wife, Miriam, an Israeli-born physician.
Applying these and other lessons “learned as a kid,” Adelson graduated from pre-teen newspaper hawking to larger and more complex enterprises. In 1998, he said, he sold his creation COMDEX, a computer and communications trade show and the world’s largest business exposition, for $862 million, a sum made possible, he was told by his financial advisors, “because no other business except franchising could produce a 70 percent return on investment.”
Sheldon disagrees with those who believe “entrepreneurs are born, not made.” Instead, he said, “They are like an actor on stage. He performs, listens to the applause, which then dies down. He, then, needs more applause, so he performs again. And, I’ve done it over 50 times and, only once or twice, did I go into the same business.”
Speaking directly to students in his audience, Adelson offered additional lessons:
In October, he said, his organization set a record for the most successful hotel month in history with 99.32 percent occupancy, a $205 average room rate (as compared to $55 for other hotels), and more than $200 million projected for the year.
Unlike other hotel operators in the city, he said, 60 percent of his organization’s profit derives from hotel, resort and conference operations, while just 40 percent stems from gaming. Other so-called Las Vegas “Strip” hotels, he said, rely on their casinos for 50 percent of profits.
The Venetian offers guests 3,036 hotel suites (each standard suite measures 700 square feet), 120,000 square feet of gaming floor, 500,000 square feet of retail space at The Grand Canal Shoppes, the luxurious 65,000 square-foot Canyon Ranch SpaClub, 500,000 square feet of meeting space at The Venetian Congress Center and a direct link to the 1.2 million-square-foot Sands Expo and Convention Center.
|Also See||The Venetian Resort-Hotel-Casino to Raise Awareness and Funds To Preserve and Revitalize the Venice Lagoon / Oct 1999|
|The Venetian Operated at 96% Occupancy and ADR of $169 During Third Quarter of 2000 / Oct 2000|