Las Vegas Sands Corp In Talks To Sell Sin City CasinosThe Company Is In Talks To Sell Venetian, Palazzo And Its Convention Center, Which Could Net An Excess Of $6 Billion |
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If talks continue to progress into a deal, Las Vegas Sand Corp. may not have any casinos in the city from which its name is derived.
According to a report from Bloomberg, the Sheldon Adelson-owned company is in talks to sell its Las Vegas casinos, Venetian and Palazzo, as well as the Sands Expo Convention Center. If sold, the price tag is expected to be in excess of $6 billion.
Las Vegas Sands is working with an advisor to generate interest for the properties. A representative from the company confirmed that Las Vegas Sands was in talks to sell, but that nothing was even remotely close to finalized.
If a sale were to go through, it would mean that Las Vegas Sands is no longer exposed to the U.S. gambling market and would focus its resources entirely on its Asian business ventures. Outside of Las Vegas, it has casinos in Singapore and Macau. The company sold its long Pennsylvania casino, Sands Bethlehem, in May 2019 to the Poarch Band of Creek Indians.
In 2019, the U.S. market made up just 15 percent of the company’s revenue. It’s likely to be even less than that in 2020 as it’s the first full year without revenue coming from Pennsylvania and as the Las Vegas Strip was shut down for nearly three months and is struggling to return to pre-coronavirus levels of revenue.
By comparison, Macau alone made up 63 percent of the company’s revenue in 2019. In the second quarter of 2020, the company reported a nearly $1 billion loss.
Bloomberg speculates that the money generated from a Las Vegas sale could allow the company to build casinos elsewhere, citing Adelson’s desire to construct a New York City casino, as well as bailing on his plans to build a casino in Japan earlier this year.
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