Sheldon Adelson is leaving Las Vegas (maybe)

Gambling giant’s Las Vegas Sands company exploring sale of properties

National Weekend Edition /
Oct.October 31, 2020 02:00 PM
Sheldon Adelson and the Venetian (Getty, The Venetian Resort® Las Vegas)

Sheldon Adelson and the Venetian (Getty, The Venetian Resort® Las Vegas)

Sheldon Adelson’s Las Vegas Sands Corp. is reportedly soliciting interest for all of its three Las Vegas casinos.

The three properties — the Venetian Resort Las Vegas, the Palazzo, and the Sands Expo Convention Center — could sell for as much as $6 billion, Bloomberg reported.

The move would mean an exit from the U.S. gambling industry for the world’s largest casino company, but Adelson, who serves as chairman and CEO of the company, has expressed interest in building in New York City.

The U.S. market accounted for just 15 percent of Sands’ $13.7 billion in revenue last year.

The sale would leave the company with properties in Macau and Singapore, which accounted for 63 percent and 22 percent, respectively, of the company’s revenue last year.

The company wants to expand in those markets, which could be funded by a sale of the U.S. properties, said Bloomberg gambling and lodging analyst Brian Egger.

“We are seeing an uptick in real tourists on the ground in Macau,” said Ben Lee of Macau-based gaming industry consultancy IGamiX. “The profile of the Chinese tourists is dominated by young females and families — mainlanders taking advantage of the cheap accommodation on offer.” [Bloomberg] — Dennis Lynch 


Related Articles

arrow_forward_ios
General Assembly's CEO Lisa Lewin (General Assembly)
General Assembly renews 40K sf lease in Flatiron District
General Assembly renews 40K sf lease in Flatiron District
Doctors and medical professionals have remained on time with their rent payments in the past year (iStock)
Medical offices are just what the doctor ordered for landlords
Medical offices are just what the doctor ordered for landlords
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
Thor Equities Group Chairman Joseph J. Sitt. (Thor)
Thor facing foreclosure on Harlem rental building
Thor facing foreclosure on Harlem rental building
Photo illustration of Vornado CEO Steven Roth and Hotel Pennsylvania at 401 Seventh Avenue (Getty, iStock, Vornado)
“Inevitable”: Vornado will demolish Hotel Pennsylvania
“Inevitable”: Vornado will demolish Hotel Pennsylvania
The rate of loans sent to special servicers continued to fall in March. (Unsplash)
CMBS special servicing rate declines in March
CMBS special servicing rate declines in March
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
Dollar General CEO Todd Vasos (Retail Industry Leaders Association, iStock)
Dollar General thrives amid retail apocalypse
Dollar General thrives amid retail apocalypse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...