Skip to main content

Black Listed News
Trending Articles:
Trending Articles:

Leaving Las Vegas? Sheldon Adelson Explores $6BN Sale Of Vegas Casinos

Published: October 27, 2020
Share | Print This

Source: ZeroHedge

In the latest sign that Las Vegas' services and hospitality sector-focused mostly on the gambling industry - is experiencing long term economic scarring, Sheldon Adelson, known for decades as the biggest player in the gambling hub, is reportedly pulling out.

Sources told Bloomberg that Adelson's Sands is shifting concentration to Asian gaming markets and is seeking an exit from U.S. casino operations. Sands has hired an advisor to prepare Venetian Resort Las Vegas, the Palazzo, and the Sands Expo Convention Center for a $6 billion sale.

Aside from gambling, Adelson is known as a major booster of the GOP, and recently agreed to shell out millions to support Trump's bid for the White House after a troubling period of reticence.

The sale would position Sands' as a pure gaming play in Asia, concentrating its casino portfolio primarily in Macau and Singapore. Bloomberg notes, "the U.S. was already a small and shrinking part of his business, accounting for less than 15% of revenue last year."

"The growing insignificance of the U.S. market explains to you why Las Vegas Sands is looking to offload their U.S. properties," said Ben Lee, a Macau-based managing partner at IGamiX. "It is 15% of revenue but 80% of regulatory pain and burden."

Last week, Sands reported third-quarter earnings showing the company could be approaching break-even in Macau, the world's biggest gambling market. Still, Vegas operations continued to drag as indoor capacity remained limited, and consumers stayed away from indoor spaces as daily U.S. virus cases marched higher.

Sands' decision to sell Vegas operations at depressed valuations, smack dab in a virus pandemic amid collapsed fundamentals for the tourism and gaming industry only means one thing: "It's only getting worse," as we noted Monday evening on Twitter.

How much worse?

Las Vegas economic analyst Jeremy Aguero recently warned Vegas' economic recovery could take 18 and 36 months. Just weeks ago, Encore at Wynn Las Vegas, the gaming hub's largest casino, reduced operating hours as the "V-shaped" recovery narrative for the gambling hub has faltered into fall.

This all could mean that Adelson sees more downside for U.S. gambling markets as Asia recovers more swiftly. Adelson's potential sale could be the catalyst that triggers a firesale across the Vegas Strip.

Share This Article...

Image result for patreon

You Might Like

Image result for patreon


Ad Blocking software disables some of the functionality of our website, including our comments section for some browsers.

Login with patreon to gain access to perks!


Enter your email address:

More Blacklisted News...

Blacklisted Radio
Blacklisted Nation
On Patreon
On Gab
On Twitter
On Reddit
On Facebook
Blacklisted Radio:
Republic Broadcasting
Podcasts on Youtube
Podcasts on Demand
On Iheart Radio
On Spreaker
On Stitcher
On iTunes
On Tunein

Our IP Address:

Garden office


Advertise Here...

Libertas Bella

Get your 2nd Amendment Shirts
over at Libertas Bella

BlackListed News 2006-2019
Privacy Policy
Terms of Service