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Sands Selling Venetian/Palazzo?

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

  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. :)
     
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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?
     
  3. Jer

    Jer I kinda did a thing...

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    Not freaking out but... Wow!
     
    Tis the season!
  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.
     
  5. Guy_

    Guy_ VIP Whale

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    interesting for sure
     
  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."
     
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  7. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Pretty certain the company six or seven casino resorts in macau
     
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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.
     
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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/

     
  10. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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  11. 3OfDiamonds

    3OfDiamonds Vegas is Fabulous When You Degen Responsibly ;)

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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:
     
  12. rdwoodpecker

    rdwoodpecker Low-Roller

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    Would this be a casino that Kerry Packer’s group may look at?
     
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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?
     
  14. thegov2k2

    thegov2k2 High-Roller

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    Perhaps Uncle Shel needs to make sure he can keep bankrolling his other activities.
     
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  15. mrstealth

    mrstealth VIP Whale

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    The Seminole Tribe out of Florida ? Wynn Resorts ?
     
  16. UKFanatic

    UKFanatic 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
     
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  17. pressitagain

    pressitagain VIP Whale

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    But they don’t like losing any either....LOL.
     
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  18. zoobrew

    zoobrew High-Roller

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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.
     
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  19. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

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

     
  20. NittyOne

    NittyOne High-Roller

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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.
     
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