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Land-BasedCasinoIndustry

Las Vegas Sands considering $6bn sale of Vegas properties

Casino operator Las Vegas Sands Corp. is preparing for the sale of its casinos in Las Vegas. 

lasvegassands

According to a Bloomberg report, chairman Sheldon Adelson is looking to solicit interest for the Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo. 

The three properties are all connected along the city’s famous strip. 

The sale would be worth an estimated $6bn, and would leave the company’s gaming portfolio solely in Asia.  

Early discussions have reportedly taken place, but a deal is yet to be finalised. 

Sands, the world's largest casino company, reported an 82% year-on-year decline for Q3 2020. 

And as of June 30, the firm reportedly had almost $14bn total outstanding debt. 

The sale would confirm the company’s exit from the American market, leaving its only properties in Macau and Singapore. 

Sands had been considered a leading contender to extend its presence in Asia by developing a resort in Japan, but Adelson announced earlier this year that his company was withdrawing due to regulatory environment concerns. 

The firm is currently overseeing major works in its Asian properties, including the $2.2bn transformation of Sands Cotai Central into The Londoner Macao, and the $3.3bn expansion of Marina Bay Sands in Singapore. 


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