International edition
September 22, 2021

The Venetian, Palazzo and Sands Expo Convention Center could be worth $6 billion

Las Vegas Sands reportedly considering sale of Strip casinos

Las Vegas Sands reportedly considering sale of Strip casinos
The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo.
United States | 10/27/2020

Sheldon Adelson's company is in early discussions and working with an adviser to solicit interest from potential suitors, according to several news reports. A potential sale of the Las Vegas properties would concentrate the company’s casino portfolio entirely in Macau and Singapore. A recovery in Asia helped improve Sands’ operating results in the third quarter.

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as Vegas Sands Corp is considering selling its two hotel-casinos on the Las Vegas Strip for about $6 billion, according to several news reports.

The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo, according to Bloomberg and Reuters. A potential sale of the Las Vegas properties will concentrate the company’s casino portfolio entirely in Macau and Singapore. The U.S. was already a small and shrinking part of Sheldon Adelson business —chairman and chief executive of Sands—, accounting for less than 15% of revenue last year. Adelson has expressed interest in building in New York City, an opportunity that could arise next year.

Bloomberg reported that the $37.5 billion company is working with an adviser to solicit interest from potential suitors, with a company representative cited by the news outlet confirming there were early discussions about a sale and that nothing has been finalized. The three properties together may fetch $6 billion or more, according to the news outlet.

Sands ended plans in May to open an integrated resort casino in Japan without providing a reason for the cancellation of the project. The gambling industry is one of the hardest hit industries amid the ongoing COVID-19 pandemic. As of June 30, the company had $13.82 billion total outstanding debt, excluding finance leases.

Adelson said in the second quarter that a “recovery process from the COVID-19 pandemic in each of our markets is now under way.” The company reported a third-quarter loss of $565 million, after reporting a profit in the same quarter last year. Revenue fell 82% from a year earlier.

A recovery in Asia helped improve Sands’ operating results in the third quarter, Adelson said in an earnings call last week. In Singapore, Marina Bay Sands had a profitable quarter as operations progressively resumed across the resort during the summer.

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