Las Vegas Sands is considering selling its casinos for $6 billion

One of the world's largest casino operators Sands Corp. prepares to sell its casinos in Las Vegas. The company is in the early stages of discussing these deals, so a final decision has yet to be made. This information was confirmed by corporate spokesman Ron Reese.

Chairman Sheldon Adelson wants to auction two Venetian and Palazzo casinos, as well as the Sands Convention and Exhibition Center, according to a Bloomberg report. The total sale could be over $6 billion.

If this deal does go through, the corporation's portfolio of gambling properties in Las Vegas will be completely sold. The company generates most of its revenue in Macau and Singapore. Sands Corporation has a market value of $38.7 billion.

The main reason for the sale of such important and large properties of the company was reported to be a drop in their profitability due to the Covid-19 pandemic and the difficult situation in the Las Vegas market. According to the report, in 2019, Sands received about $1.8 billion from its gambling facilities in Las Vegas. Meanwhile, the brand's operations in Macau brought in $8.8 billion, and Marina Bay Sands in Singapore brought in $3.1 billion.

Recall that in the third quarter of 2020 Macau casinoslost $823 million

Richard "Boz" Bosworth is the main partner and CEO of the young company JC Hospitality, LLC ...
Position: Author of analytical materials Higher education Age: 24 years old Experience: more than 5 years Brief biography: Born on March 24, 1997 in the city of Volkhov, Leningrad Region. In 2015, he successfully graduated from a comprehensive school, after which he entered the Faculty of Mechanics and Mathematics...
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