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29

Sheldon Adelsonís Las Vegas Sands Corp Mulls Sale of its Vegas Casinos

Tags: casino, las vegas, sands, sheldon adelson.
Posted on 29 October 2020 by "K".

If negotiations progress into a deal, Las Vegas Sands Corp may very likely sell its properties in the Las Vegas Strip including the Palazzo, Resort, the Sands Expo Convention Center and the Venetian.

According to Bloomberg, Sheldon Adelson’s company is interested to sell its casinos located in the Las Vegas Strip. If the sale is successful, the price tag is expected to reach more than $6 billion.

Founded in 1988, the company employs more than 50,000 workers worldwide. Adelson is a staunch supporter of land-based gambling and has long fought to ban online gambling including poker in the United States. In 2014, he lobbied to push through the Restoration of America’s Wire Act (RAWA) bill. If the proposal passed through Congress, online poker would have been again made illegal nationwide. However in 2017, three years after it was presented, RAWA was officially turned down.

In the U.S., each state has a right to determine whether online poker is legal or not. For now, there are only four states (Delaware, Nevada, New Jersey and Pennsylvania) which have legal online poker sites that are currently operating. Because of Adelson’s lobbying efforts, the growth of online poker in the U.S. was extensively halted.

Will Adelson leave Las Vegas soon?

According to Forbes, Sheldon Adelson is worth over $30 billion, making him the 28th-richest person in the world. He made most of his money thanks to his casino empire, much of it in Las Vegas. But now it looks like Adelson is going to leave Sin City very soon.

Bloomberg reports that the Sands company is just in the early stages of a sale process, and that it wants $6 billion for its Las Vegas properties. To them, America is a small and shrinking part of their company revenue.

The potential sale could free up some money for Sands in order to focus on future projects, specifically setting up casinos elsewhere. The giant Integrated Resorts developer will still continue operating its non-Las Vegas casinos, particularly in Macau and Singapore.

 

Bloomberg journalists Christopher Palmeri and Gillian Tan discuss that the move makes sense due to the COVID-19 situation. With the pandemic negatively affecting the Las Vegas convention industry, they argue that Sands is better off focusing outside of Nevada.

Source:
https://www.cardschat.com/news/sheldon-adelson-las-vegas-casinos-94941/
https://www.bloomberg.com/news/articles/2020-10-26/adelson-s-las-vegas-sands-said-exploring-6-billion-vegas-sale



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13 comments on "Sheldon Adelsonís Las Vegas Sands Corp Mulls Sale of its Vegas Casinos"

 dule-vu30/10/2020 09:31:57 GMT
you can imagine what potential they have,when they can sell this in las vegas for more then 6 billion of dollars!its just crazy how big price this have and for sure somebody will buy it!now its question how they will develope in future,but in todays world,where you dont know what will happen with corona,its great money and time for sell it!we will see what will happen in next months!
 CALICUL30/10/2020 23:59:11 GMT
Sheldon Adelson from my point of view deserves a good beating because is the one of culprits in banning of online poker in United States of America. I understand that he had an interest but Europe ''regretted'' players from this country at tables. Must to sell and disappear from that landscape.
 dule-vu31/10/2020 12:19:08 GMT
when you are 28th richest person in the world and he can do whatever he want and when he want,so he dont need to rush to sell this quick!when you have something that is worth 6 billion dollars,you can wait and get even bigger amount!maybe people in usa will have more chance to play online,if he sell it!
 antonis32131/10/2020 19:25:49 GMT
So he intends to sale his Las Vegas properties ?? Very sad news . And if he ever decides to sale all his properties , all his casinos everywhere , if someday this will be a reality , that wwould be devastating , we will be missing him very much , I will put my cat to cry day and night , lol . Man , he doesn't want online poker , why should we care if he sales everything and goes away ??
 CALICUL01/11/2020 09:57:36 GMT
This is not sad news because these casinos will continue to operate and those who buy have an interest in recovering their money. That way you don't have to be upset. There will be games for everyone (except online). Good luck
 dule-vu01/11/2020 18:51:32 GMT
Posted by antonis321:
So he intends to sale his Las Vegas properties ?? Very sad news . And if he ever decides to sale all his properties , all his casinos everywhere , if someday this will be a reality , that wwould be devastating , we will be missing him very much , I will put my cat to cry day and night , lol . Man , he doesn't want online poker , why should we care if he sales everything and goes away ??


rich people know when to buy or to sell something and he know how to make big money!maybe he just think that whole world will change in next months and that people will not gamble so much as they did in last years and that corona will change everything!we will see what will happen in next weeks!
 antonis32102/11/2020 12:30:24 GMT
dulevu, ofcourse you are right he knows how to make big money , he is very high in the system hierarchy , not because of his billions but because of his connections with the US or worldwide political system , he knows many things , most of which we 'll never know , some of which we''ll learn too late ,
so when he decides to do sth like that , you have to take this into consideration ,

but only into consideration , not 100% seriously , cause he is also a man in the casino/poker business industustry , he might bebluffing !!! Blink (to play games with the price of his Sands enterprise in the stock exchange market , now that the casinos have no or almost no business or profit , only way to make some profit might be the stock market !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! .)
 CALICUL02/11/2020 12:36:22 GMT
This man will make a lot of money after selling his casinos. He will move somewhere where the face mask is not needed. His family has supplies with food, water etc... They will have doctors in case of emergency and everything that will be needed.
 antonis32103/11/2020 22:10:30 GMT
Hehas many billions , but he seems a guy who never stops wanting more and more and more ... until he owns all the worls lol . Well if he sales the Las Vegas casinos , he still hs other casinos , and other properties or investments to make money , so he will remain n the casino business to influence things globally , ofcourse if this is only the beginning of a massive selout of all of his casinos in the near future , he will retire fromthe casino busineses , not a bad sad news for online poker lovrs like me , cause he dislikes and fight against online poker with passion for years .....
 dule-vu04/11/2020 10:53:33 GMT
you know that if you have money,that you will want more money and you will find way to earn more!we can see that he made most of his money in las vega and for sure he didnt want to stop when he had first million!even when he had first billion he didnt want to stop!you will always try to make some new business,to improve old and such a things!
 CALICUL04/11/2020 14:44:25 GMT
When you have a lot of money want even more because have a different life where exists many responsibilities to employees and family. Eat only expensive, drink and smoke something that costs a lot of money, house, furniture, caretakers etc... His life for us does not matter, only casino.
 geseco1214/11/2020 04:13:44 GMT
Casino businesses have always given a lot of money, that's why their duels are multimillionaire, well now they want to sell their properties, they have their reasons, but Las Vegas is a city with a lot of commerce, you could recover your investment in a few years.
 CALICUL14/11/2020 08:35:59 GMT
Covid has destroyed many businesses and now nothing is certain, but we will see in future what it will be, because it is very strange. If bankers take money out of the market... so that only cards, virtual checks or coins remain. When you go in casino can spend all your salary or pension. After that will be big problems and scandals of course.

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