Apr. 21--A lower-than-expected table games take for The Venetian's casino depressed first-quarter results at the 2-year-old Strip megaresort, according to figures released Friday by the company. 

Despite the quarterly numbers, which were characterized as "very frustrating" by Bill Weidner, president of The Venetian parent Las Vegas Sands Inc., executives argue that the resort's overall business is strong. 

"We should have had a spectacular quarter," Weidner said in a morning conference call with investors and financial analysts, "but as they say, `Not so fast.' " 

Total net revenue for the privately owned 3,036-room hotel-casino and its adjacent shopping mall fell 7.9 percent to $143.6 million during the quarter from $155.9 million a year ago. Profits fell 71.7 percent to $4.7 million from $16.6 million. 

But revenue from The Venetian's hotel rooms, food and beverage, mall and retail shops were all up, with the hotel recording what was characterized by company executives as a record nightly room rate of $220 for any Strip hotel during a first quarter. 

The table games hold percentage fell to $12.70 for every $100 wagered during the quarter, down from an abnormally high $24 of every $100 bet a year ago. A more normal hold percentage is $20 of every $100 bet. 

It was the third consecutive quarter that the casino had reported worse-than-expected luck on table games. The company announced the disappointing first-quarter hold percentage in a late-March statement. 

"Any time an operation experiences a low hold percentage, it forces the operation to rethink, relook and re-evaluate how you look at the market," Weidner said. "The fact is all of (The Venetian's) high-end play ... came in well-below normal." 

The Venetian has been competing during the past year with MGM Mirage and Park Place Entertainment for high-end gamblers who bet as much as $100,000 a hand on table games. 

That competition has led The Venetian to discount gamblers' losses of $1 million by as much as $200,000, an amount that competitors have criticized as excessive, while forcing them to increase their discount rates. 

Meanwhile, Las Vegas Sands executives are continuing to develop plans for an additional 1,000-room hotel tower that would sit atop The Venetian's parking garage. 

Those plans call for 80 percent of the rooms to have two queen-size beds with the remaining rooms offering king-size beds. That ratio is virtually flipped in the existing tower, with 30 percent of the rooms having two queen-size beds and 70 percent having king size. 

The change was prompted by customer demand. 

The addition also would have one or two major restaurants, a health spa and pool deck. It would also lead to the addition of 800 parking spaces and conference space. 

No timetable or financing has been arranged for the project, although Las Vegas Sands bosses said it will take as long as 16 months to complete.

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(c) 2001, Las Vegas Review-Journal. Distributed by Knight Ridder/Tribune Business News.