The casino tycoon said he might sell his gambling facility in Singapore once the sale restriction ends.
Singapore.- Sheldon Adelson, the head of Las Vegas Sands Corp announced he may sell his property in Singapore, Marina Bay Sands, in 2017 when the sell restriction as per license agreement will expire.
According to Las Vegas Sands Corp statement, Marina Bay Sands’ casino revenue dropped 28 percent in the first quarter to US$453.1 million, mall revenue declined by 2 percent to US$39 million and hotel room revenue fell 0.8 percent to US$88.9 million, even after occupancy increased 3.1 points reaching 97.9 percent.
Las Vegas Sands Corp is experiencing a downturn as a result of a decline in gambling at Macau’s Sands China Ltd. Las Vegas Sands “always have thoughts of monetising anything” except its core casino assets, said Adelson. Marina Bay Sands’ casino license in Singapore doesn’t allow selling until 2017 and Sheldon said he will discuss the sale when he meets the city-state’s government next May.
In a conference to announce Las Vegas-based Sands first-quarter results, Adelson admitted the company has spoken with potential buyers.“We have been approached. We have been talking to people,” said Adelson. Capitalisation rates at the 800,000 square-foot mall, which is located in Singapore’s prominent downtown district, “are attractive, and we may or may not sell a portion.”