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Billionaire Adelson’s Las Vegas Sands mulls US$6 billion sale of US casinos to focus on Macau, Singapore markets
- Casino operator confirms early discussions about sale of Venetian Resort, the Palazzo and Sands Expo Convention Centre
- Sale will leave Adelson with assets in Macau and Singapore, which contributed 63 per cent and 22 per cent each to revenue in 2019
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Sheldon Adelson’s Las Vegas Sands is exploring the sale of its casinos in Las Vegas, according to people with knowledge of the matter, a move that would mark the mogul’s exit, for now, from the US gambling industry.
The world’s largest casino operator is working with an adviser to solicit interest for the Venetian Resort Las Vegas, the Palazzo and the Sands Expo Convention Centre, which together may fetch US$6 billion or more, said the people, who asked to not be identified because the talks are private. The properties are all connected along the city’s gambling strip.
A representative for Las Vegas Sands confirmed it was in very early discussions about a sale and that nothing has been finalised.
A sale would concentrate Sands’ casino portfolio entirely in Macau and Singapore, two larger casino markets for Adelson, whose fortune is estimated at US$29.7 billion. The US was already a small and shrinking part of his business, accounting for less than 15 per cent of revenue last year.
The money could allow the company fund other development opportunities. Sands dropped out of the competition to build a casino in Japan earlier this year due to terms executives described as unfavourable.
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