Sands Selling Venetian/Palazzo?

Las Vegas Review Journal?

I think alot of people with real property holdings are more than a little unsettled by the pandemic's effect on the way we do business. Not the fear of transmitting virus, but the realization that business methods are changing.

I'm in SF BAY. Every day there's another article that Silicon Valley is realizing that they can be productive with employees working remotely. Employees are taking big tech wages and moving to affordable cities -- eventually the real estate market will change as they need fewer offices.

So, germane to the question of conventions: I can't help but wonder how many organizations are reconsidering conventions vs the virtual events they've been forced to hold in 2020. What percent will forgo massive conventions altogether in the future?

Hands on, physical products' conventions should return.... e.g. CES. But does the American Society of Cube Working Thinkers and Processors really need a physical conference?

I don't think I'd be eager to stay in a real estate dependent biz dependent on business meetings. We all know they ain't making it on gamblers and non-biz tourism without conventions.

 

The convention center encompasses 2.25MM square feet. Thats a helluva lot of very potentially empty space if the convention and exposition market remains soft, and its hard to imagine what someone would build there to replace it. $6B seems like a huge risk/reward for whoever might purchase it at that price.

https://en.wikipedia.org/wiki/Sands_Expo

 

Excellent point, yeah $6B seems excessive. Sheldon does seem like the bazaar haggling type. Maybe he’d be happy with half that.

 

Forum only GoFundMe?

I'll chip in $20!

 

The Las Vegas Sands Corp, now with 100% less Las Vegas!

 

Online gaming has less overhead.

 

If every member of VMB kicks in about $155,000, we can buy it!!

 

No panic here, I'd celebrate if Adelson got out of the Las Vegas casino business. And maybe also sell the LVRJ while he's at it.

 

Seems casino owners are fleeing Vegas or at least big down sizing?

 

CNN today.....(sorry for the title,I didn’t write it!)

https://www.cnn.com/2020/10/27/investing/las-vegas-sands-sale-sheldon-adelson/index.html

 

Sounds like he just wants to get out of the U.S. market and focus on the overseas stuff.

 

All is said is consider and he got this, shares of Sands (LVS) jumped more than 3% in premarket trading. Maybe that's all he wanted?

 

Shelley is not getting any younger, and he certainly cannot take V/P (or, actually, the $$$ either) with him.

In my not so humble opinion, US$6B is high, but I'm certainly not on the list of potential buyers, nor do I have my RE appraisal license.

 

Who said that? SMH

 

Vegas is far from dead, but they are certainly going to have to pivot for a while.

 

A Sands Las Vegas 747SP was damaged badly recently.

 

It's almost as if focusing exclusively on conventions instead of gamblers and tourists was a short-sighted idea. But what do I know? I'm just an average Joe.

 

To be fair, a pandemic isn't exactly good for tourism, either.

 

in the case of LVS it was visionary and the profits from decades of that funded their Macau and Singapore operations where they have made tons of money over the years and where the competition is much more tightly controlled