Critics and competitors told The Wall Street Journal in 1997 that Adelson was "smoking something" and that his over-the-top property was doomed because Las Vegas had too many rooms and The Venetian couldn't make enough money outside the casino to support its size.

Executives at the Las Vegas Sands Inc., The Venetian's parent company, can laugh now when they read that article. The Venetian is the second most profitable hotel-casino in Las Vegas after the Bellagio, Steve Wynn's upscale creation that raised the stakes in this city, putting luxury at the forefront of the Las Vegas experience.

The now privately held Sands is expected to begin trading next week on the New York Stock Exchange under the name Las Vegas Sands Corp.

"My gut tells me this will be a very high-demand or hot IPO," Marc Falcone, a Deutsche Bank equity gambling analyst in New York, said of the initial public offering. "You have an outstanding business model with great growth opportunities and you have a management team that has done an outstanding job with their assets."

With the public offering, the Sands would become one of the largest gambling companies in the world behind Harrah's Entertainment Inc. and MGM Mirage Inc. — if their recently announced mergers are completed.

Proceeds will be used for the company's proposed $1.6 billion, 3,000-room Palazzo hotel-casino on the Las Vegas Strip and the $1.8 billion Macau Venetian Casino Resort in the Chinese territory. Both developments are scheduled to open in 2007. The company has told Macau's government that it wants to build another six hotel resorts there, some of which will have casinos.

Las Vegas Sands also is exploring projects in Britain, which is revising its gambling laws to allow for bigger casinos.

Yesterday, the company said it increased its initial public offering price, estimating it will be between $24 and $26, according to documents filed with the Securities Exchange Commission. It initially was aiming at a price of between $20 and $22 a share.

It also said it plans to register more than 27.3 million shares of common stock, versus 23.8 million shares, initially. This includes an option of 3.5 million shares that underwriters can purchase.

The company could raise nearly $712 million if underwriters, led by Goldman, Sachs & Co., exercise their full option.

Adelson, 71, the Sands chairman, is known for his attention to detail, but employees say he doesn't micromanage.

Once the stock offering is completed, Adelson and trusts for him and his family will own about 88 percent of the outstanding common stock, according to documents filed with the SEC.

Adelson's business strategy for his U.S. properties hasn't changed much since he opened The Venetian in 1999. In 2003, he added a luxurious, all-suite, 12-story tower called the Venezia, further driving room revenues at The Venetian complex.

The Venetian is fulfilling Adelson's goal of profiting from room rates — its average daily room rate during the first nine months this year was about $219 compared with the overall average of $89 for hotels in Las Vegas.

The company's percentage of gambling revenue is one of the lowest on the Strip because of its emphasis on the group convention and trade-show business, and the resulting higher occupancy and room rates on weekdays.

Adelson also controls the Sands Expo and Convention Center next to The Venetian, which boasts gondolas, a winding canal and street performers who entertain visitors at replicas of St. Mark's Square and the Oculus.