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.