Casino Connection Atlantic City

The Merchant of Venice

Rob Goldstein relates to the A.C. Sands when running the Venetian

by Dave Bontempo

Rob Goldstein was appropriately named. G-O-L-D has indeed emanated from his administrative moves in this multi-billion dollar business for the last quarter of a century. The former Sands marketing executive sports eye-popping accomplishments on one of the industry's largest stages. Goldstein pilots the Las Vegas-based, league-of-its-own Venetian resort as its president and chief operating officer. He also serves as a senior V.P. for the Las Vegas Sands Corp. Goldstein's influence helped produce the exquisite restaurants, art galleries, shops and the Venice canals replica which define the property. The Venetian sports more than 4,000 suites. It also carries the Guggenheim Hermitage Museum, the Canyon Ranch Spa Club, the Sands Convention Center and, oh yes, 500,000 square feet of shopping and daily music performances along its Grand Canal. Goldstein has helped the property become recognized as one of the world's best resorts by Travel and Leisure magazine. Recent highlights include a $275 million expansion that produced the 12-story Venezia Tower, including the first concierge level at a Las Vegas property. With Goldstein's influence, The Venetian has elevated dining's bottom-line contribution. It supplies restaurants run by winners of eight James Beard awards, the culinary equivalent of praise from Beethoven. Famed chefs Emeril (Bam!) Lagasse, Thomas Keller and Wolfgang Puck headline Venetian's 18 restaurants. This is a mind-boggling contrast to the days when cheap food merely serviced the business by keeping gamblers on property. "About 70 percent of our revenue now comes from non-gaming sources," Goldstein says. "We were willing to take chances out here with this. A lot of people thought we were crazy. Now they just copy us. "We have so many things, like tremendous meeting space. And our hotel rooms each have more than 700 feet. We have the mall, the Canal Shops, we're opening another famous restaurant, Tao, very soon and hey, we're capitalized at $17 billion. I am thrilled to be part of that. I never could have imagined this years ago." Goldstein faced much different challenges at the Sands, where he teamed with Bill Weidner and Brad Stone to rejuvenate the former Brighton in 1981. The property loomed in the shadow of Bally's and Caesars, but could not match their gaming space. Nor could it claim the smaller-is-friendlier niche held by Claridge, right next door. From an identity standpoint, the Sands was boxed in. "At first we were looking at an utter disaster," Goldstein says. "The location was less than desirable, it was off the Boardwalk. It was not a great physical plant, but in the end, the property outperformed the plant. We polished a rough gem. The turnaround was very gratifying for us. One year we had earnings near $60 million, which was tremendous." The Sands ultimately became part of the Boardwalk's Roaring Eighties era. Timely event purchases were made for the smallish Copa Room. Though it held less than 1,000 seats, the Copa Room screamed with Philadelphia gamblers cheering hometown product Frank "The Animal" Fletcher. When it came to restaurants, the Sands produced fine choices like Rossi's, which brought palatial status to all-you-can-eat. "We weren't afraid to be innovative," Goldstein recalls. "It was a great time in Atlantic City because you could try new things. Sometimes we failed, but sometimes we scored big gains. "It was an awesome time because Atlantic City was redefining the nature of gambling throughout the world. Las Vegas was known nationally and internationally but Atlantic City began to champion the regional market, taking advantage of a huge population base nearby. I think the success of Atlantic City really helped enable Foxwoods, the riverboats and all the expanded gaming that came after it." It also molded the executive trio. Weidner, Stone and Goldstein have remained a unit throughout most of their careers. All three maintain significant roles in the Venetian's ascension and loom as an executive rarity by staying together. They've become gaming's version of the Three Tenors. "I'm very fortunate to work all these years with these two special people," Goldstein says. "The three of us are like an old married couple," he adds, chuckling. "I think the key to us working so well together is we have unique abilities that complement each other. I think Bill and Brad are awesome communicators. I'm more of a deal-making guy, not that they aren't, but it's what I would consider a specialty for me. "We give each other room to breathe and appreciate special qualities in the other two people. If I worked another 100 years, I would never find people as great as this to be around."

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