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Sands Selling Venetian/Palazzo?

Discussion in 'Casino Industry & Development' started by Sonya, Oct 26, 2020.

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  1. Sonya

    Sonya Queen of VMB

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    There has been several rumors floating around this afternoon about Adelson selling Venetian and Palazzo. I haven't been able to find an article on a legitimate news source. All I found was a tweet from Jon Ralston of Nevada Independent who posted this image:

    Sands.jpg
    (I cropped the bottom to remove email addresses)

    I'll keep looking for an article and will add it here when I find a good one.

    Let's not freak out until we have reliable information about this, please. :)
     
    Sonya, Oct 26, 2020
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  2. leo21

    leo21 VIP Whale

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    Ralston said he got it from a Bloomberg feed. Color me intrigued. The price seems like a bit of a steal but who can afford it right now?
     
    leo21, Oct 26, 2020
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  3. Jer

    Jer “The Walrus has spoken”

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    Not freaking out but... Wow!
     
    Jer, Oct 26, 2020
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  4. BlueBellThunder

    BlueBellThunder VIP Whale

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    What else does Adelson own? The only thing I can think of is the Venetian in Macau. The market value seems very high unless the Sands owns many other properties I’m not aware of.
     
    BlueBellThunder, Oct 26, 2020
    #4
  5. Guy_

    Guy_ VIP Whale

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    interesting for sure
     
    Guy_, Oct 26, 2020
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  6. Sonya

    Sonya Queen of VMB

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    Contessa Brewer (CNBC) says: Would Las Vegas Sands sell Las Vegas? $LVS confirms to me, very early discussions have taken place but nothing has been finalized. It's a huge, valuable property on the Strip, with The Venetian, Palazzo and massive conference facilities but makes up roughly a tenth of revs.


    And Howard Stutz says he has a story coming shortly to CDC Gaming. Also: Statement from Las Vegas Sands: "The company confirmed very early discussions have taken place, but nothing has been finalized."
     
    Sonya, Oct 26, 2020
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  7. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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    Pretty certain the company six or seven casino resorts in macau
     
    I Need Spa
    Travel Fanatic, Oct 26, 2020
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  8. Sonya

    Sonya Queen of VMB

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    https://www.cdcgamingreports.com/las-vegas-sands-exploring-sale-of-its-strip-properties-for-6-billion/

    This story will be updated as new details emerge.
     
    Sonya, Oct 26, 2020
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  9. Sonya

    Sonya Queen of VMB

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    https://www.reviewjournal.com/business/casinos-gaming/las-vegas-sands-in-very-early-discussions-to-sell-las-vegas-assets-2162913/amp/

     
    Sonya, Oct 26, 2020
    #9
  10. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    SH0CK, Oct 26, 2020
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  11. 3OfDiamonds

    3OfDiamonds Waiting For “Very Good” Video Poker @ Rio…

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    Looks like it came off of a Bloomberg terminal :hmmm: I wonder who would want (and be able) to buy that wouldn’t run into major anti-trust issues :blink:
     
    3OfDiamonds, Oct 26, 2020
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  12. rdwoodpecker

    rdwoodpecker High-Roller

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    Would this be a casino that Kerry Packer’s group may look at?
     
    rdwoodpecker, Oct 26, 2020
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  13. pressitagain

    pressitagain VIP Whale

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    Playing DA....

    The guy obviously doesn’t need the money. Why sell?
     
    pressitagain, Oct 26, 2020
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  14. thegov2k2

    thegov2k2 VIP Whale

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    Perhaps Uncle Shel needs to make sure he can keep bankrolling his other activities.
     
    thegov2k2, Oct 26, 2020
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  15. mrstealth

    mrstealth VIP Whale

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    The Seminole Tribe out of Florida ? Wynn Resorts ?
     
    mrstealth, Oct 26, 2020
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  16. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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    One thing I have learned working with very wealthy people over the years: its never just about money. They have more than they can ever spend and still want to make more. So who knows. $3 billion in his pocket seems like a good reason. Or maybe he just wants to do one more big deal before he passes on
     
    I Need Spa
    Travel Fanatic, Oct 26, 2020
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  17. pressitagain

    pressitagain VIP Whale

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    But they don’t like losing any either....LOL.
     
    pressitagain, Oct 26, 2020
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  18. zoobrew

    zoobrew VIP Whale

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    If you really think that the convention business is never going to come back to 2019 levels, then it is best to sell now before your beliefs are verified.
     
    zoobrew, Oct 26, 2020
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  19. Viva Las Vegas

    Viva Las Vegas Elvis has left the building

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    https://www.rgj.com/story/news/2020/10/26/sheldon-adelsons-las-vegas-sands-talks-sell-vegas-strip-properties/6048428002/

     
    Viva Las Vegas, Oct 26, 2020
    #19
  20. NittyOne

    NittyOne VIP Whale

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    I assume at some point the convention business will come back and that’s where I believe Las Vegas Sands makes money. $6B currently seems a bit much but what do I know.
     
    NittyOne, Oct 26, 2020
    #20
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