LAS VEGAS— Las Vegas Sands, owner and operator of The Venetian Casino Resort and The Grand Canal Shops, reported a net income during the fourth quarter of 2001 of $1 million as compared to net income of $5.1 million during the fourth quarter of 2000. Net income before extraordinary items was $100,000 for the full year 2001, as compared to net income before extraordinary item of $18.7 million for the full year 2000. The companys capital expenditures for 2001 were $56 million. The company plans to spend $30 million for capital expenditures during 2002, of which $23 million is to liquidate construction associated with improvements undertaken during 2001. Improvements to The Venetian during the year included: completion of the 63,000-square-foot Guggenheim Las Vegas Museum and the Guggenheim Hermitage Museum, expansion of the High-Limit Gaming Salon, pool deck remodeling, new VIP check-in lounge, and substantial completion of foundation and support system for the 1,000 all-suite addition to The Venetian. During 2001 the company had commenced construction of the addition, but due to the travel disruption to Las Vegas during the fourth quarter, construction was suspended.
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