Las Vegas Sands, the iconic casino operator lead by Sheldon Adelson, confirmed that it’s looking for a buyer for its two remaining casinos located in Las Vegas. If the company finds a suitable buyer, it would officially leave U.S. soil, focusing on other markets worldwide.
Last Monday, Las Vegas Sands confirmed that the rumors were true. There were rumblings of a chance one of the legendary U.S. companies was looking to leave its homeland, but they proved to be accurate following Adelson’s confirmation.
The company’s spokespeople said Las Vegas Sands is in the process of discussing the possible sale of the properties to two parties whose identities remain unknown.
Sands want to sell two of their iconic casinos — the Venetian and Palazzo. On top of that, the company is looking for a buyer for its Sans Expo Convention Centar. The last time Sands sold a U.S. property was back in 2018, when it said goodbye to Pennsylvania’s Sands Bethlehem.
Why Does Las Vegas Sands Want to Sell U.S. Properties?
According to Bloomberg, the company hired a special adviser in order to increase the interest of potential buyers. If the sale takes place, the company could have an additional boost of $6 billion. Ron Reese later confirmed that discussions did take place, but no deals had been finalized.
The news of selling U.S. properties came shortly after the company reported a net loss of $731 million in Q3 of 2020. The only Sands’ casino to actually have positive results during the third quarter was Marina Bay Sands. The entire year of 2020 was a significant financial blow for land-based casino operators, including Las Vegas Sands, which reported a $1 billion loss in Q2.
The boss of Las Vegas Sands, Adelson is widely regarded as one of the most successful Americans to have been part of the land-based gambling industry. He was one of the pioneers of having an integrated resort, which included not just casinos and hotels but also plenty of other operations, such as MICE (meeting, incentives, conferences, and exhibitions) spaces. After being a COMDEX computer trade show operator for a very long time, Adelson saw an opportunity in gaming in Las Vegas and switched his professions to become a synonym for a casino mogul.
The fact that Sands leaving Vegas is a considerable possibility means that Adelson and his team don’t have a positive view on the future of the Entertainment Capital of the World. In fact, Adelson agreed with Sands President Rob Goldstein that the city would never be able to get back on its feet as long as there was a COVID-19 pandemic going on, and operating at full capacity still isn’t allowed.
Truth be told, Las Vegas has been performing poorly ever since the beginning of the Covid-19 pandemic, but so have been many other casino places in the world, including Macau. Until casinos and resorts are able to operate again at full capacity, or receive significant enough federal compensation to cover losses, it’s likely the Sands’ departure is the tip of the iceberg of departure.
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