Las Vegas Sands Casinos Could Sell for $6 Billion
Las Vegas Sands Corp. is exploring the sale of its casinos in Las Vegas. That would mean an exit from the U.S. gambling industry for owner Sheldon Adelson, who also has properties in Asia. Las Vegas Sands is the world’s largest casino company. However, the global pandemic has created uncertainty in the Las Vegas convention business specifically, and Vegas in general is yet to get back to normal.
Sands is reportedly soliciting interest for the Venetian Resort Las Vegas, the Palazzo and the Sands Expo Convention Center, which together may fetch $6 billion or more, Bloomberg reports. However, it is very early in the process so any eventual sale is far away for now.
Sands recently dropped out of the competition to build a casino in Japan earlier this year, but it already has casinos in Macau and Singapore and planning expansions in both. Adelson has also expressed interest in building a casino in New York City. Adelson is chairman, chief executive officer and the majority shareholder of Las Vegas Sands Corp., a company with a market value of $37.5 billion.