Sands sells Las Vegas properties to focus on Asia
Casino giant Las Vegas Sands is selling its world-famous Venetian casino for US$6.25bn to invest in its Asian businesses.
Macau.- Las Vegas Sands has announced that will sell its Las Vegas casino portfolio for US$6.25bn.
It will sell The Venetian Resort Las Vegas and Sands Expo and Convention Center to the private equity fund Apollo Global Management and Vici Properties.
Apollo will acquire the venues’ operating company for US$2.25bn. Vici Properties will buy the real estate assets for US$4bn.
Chairman and CEO Rob Goldstein said: “Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities.”
According to the company, Macau and Singapore accounted for 48 per cent and 35 per cent of the company’s total revenue respectively in 2020.
Sands China has invested US$2bn in the transformation of Sands Cotai Central into The Londoner Macao, a London-inspired casino resort.
Could Sands purchase Australia’s Crown Resorts?
There has been speculation that Sands might make a move to buy the embattled Australian casino operator Crown Resorts.
Bernstein analyst Vitaly Umansky said: “Crown Resorts could be a good fit for Sands in the long run. The company is currently in turmoil following regulatory challenges and is ripe for new ownership and management.”
However, Umansky noted that Sands’ Macau and Singapore operations and its relationship with junket operators in Macau could create issues in the eyes of Australian regulators.
See also: Premium player activity banned at Crown Perth.
The New South Wales Independent Liquor and Gaming Authority (ILGA) found Crown Resorts unsuitable to hold a state licence for its Crown Sydney casino following the recommendation of Commissioner Patricia Bergin’s report.
In recent weeks a host of directors, including Crown’s CEO have resigned. Current executive chair, Helen Coonan, is working to try to keep the company’s licence for its Crown Sydney property.
