Published on Tuesday, October 27, 2020

Las Vegas Sands mulling sale of casino resorts

Las Vegas Sands Corp has been in talks to sell its Las Vegas Strip casinos.


According to company spokesman Ron Reese, talks have taken place but no deal is imminent


The company said it is in 'very early discussions.'


A sale could bring in about $6 billion for the Venetian and Palazzo resorts and the Sands Expo Convention Center, according to Bloomberg.





The company has been working with an advisor to gauge interest from potential buyers.


Unless it is seeking a sale and leaseback, it would see Las Vegas Sands Corp pull out of the US market.


It still operates resorts in Macau and Singapore, but recently pulled out of the running to operate a casino resort in Japan.


Its US properties made up 13% of its revenue last year.


The company reported a revenue decline of 82% in the third quarter.


Sin City is open again and slowly recovering but the lucrative convention market is still virtually at a standstill.


 


Written by Ray Montgomery, US Editor

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