The St. Regis Residences at the Venetian/Palazzo
Concept drawing of The St. Regis Residences at the Venetian/Palazzo
Photo Credit: Taylor International Corp.
In 2006, Las Vegas Sands announced plans for a 632-foot tall, 398 unit condominium building as a part of the Venetian/Palazzo casino & resort complex at a cost of approximately $600 million. The St. Regis Residences were scheduled to begin construction in 2007 with a planned opening of March 2010.
Just as construction was getting underway, the US economy began a major downturn which was having an effect on high-rise luxury condo units on the Vegas strip.
Las Vegas Sands chairman Sheldon Adelson downplayed the concerns, as he believed that the exclusive features of the St. Regis Residences - including access to the Venetian & Palazzo, high-end furnishings and round-the-clock butler service - would help sell the units. As it turned out, Adelson was very VERY wrong.
In November 2008, Las Vegas Sands warned their investors of potential bankruptcy. To avoid that, they needed to cut costs and shelve projects. One of the victims of that plan was the St. Regis Residences at the Venetian/Palazzo.
Executives announced they were indefinitely delaying the project and two and a half years later, the building still sat incomplete, a bare metal skeleton reminding them of the unfinished project.
View of the incomplete St. Regis Residences at the Venetian/Palazzo
Photo Credit: Las Vegas Sun
In June of 2011, Las Vegas Sands shelled out over $1 Million for a giant cloth wrap printed to look like the rest of the exterior of the Venetian & Palazzo. The wrap was originally intended to be a "stop-gap" until it was decided as to what was happening with the building.
Plans discussed have included completing the project and selling the units as time shares, turning it into its own casino/hotel with its own entrance and finishing it as an expansion of the Venetian & Palazzo.
None of these options have been feasible and as of today, the building remains incomplete and covered by the cloth facade.
The St. Regis Residences at the Venetian/Palazzo - covered by a cloth facade
Photo Credit: Las Vegas Review-Journal