Sands to sell its Las Vegas properties for $6.25 billion as it shifts focus to Macao, Singapore
Las Vegas Sands is selling Las Vegas. The sale comes as Las Vegas Sands doubles down on its investments in Asia. Before the pandemic, Sands' properties in Asia accounted for roughly 90% of its revenue with significant investments planned to expand in Macao and Singapore. In Las Vegas, its bottom line was fueled by conventions, which have been decimated by coronavirus closures and the precipitous drop in business travel and group business. Still, the sale of the Las Vegas properties marks the end of an era but perhaps not the end of Sands' operations in the United States.cnbc.com
With sale of the Venetian, Las Vegas Sands exits the Strip
FILE - This Aug. 2, 2005 file photo shows the Venetian Hotel and Casino on the Las Vegas Strip. Las Vegas Sands is selling the real estate and operations of its Venetian casino resort and Sands Expo and Convention Center to VICI Properties and Apollo Global Management in a deal worth $6.25 billion. Under Adelson, the company's focus turned to Asia years ago, where revenue eventually outpaced even the operations on the Las Vegas Strip. AdThe global pandemic broadsided Las Vegas, shuttering the Strip where Las Vegas Sands has been the biggest operator for years. The Venetian, located on the Las Vegas Strip, has three luxury hotel towers with gaming, entertainment, shopping and dining.