Sheldon Adelson's Las Vegas Sands in talks to sell Vegas Strip properties in potential $6 billion deal
LAS VEGAS - Las Vegas Sands Corp. is considering selling its two hotel-casinos on the Strip, the company confirmed to the Reno Gazette Journal on Monday.
Discussions have taken place, spokesman Ron Reese said in an email, but nothing has been finalized.
Casino magnate Sheldon Adelson's $ 37.5 billion company is working with a consultant to attract potential buyers, according to Bloomberg.
The deal could be valued at $ 6 billion for the Venetian and Palazzo resorts.
The news of the potential sale comes at a time when properties on the Las Vegas Strip are struggling to attract visitors amid a COVID-19 travel incident.
Delicatessen Listeria Outbreak: Italian-style delicatessen-related infections kill 1, hospitalize 9 in 3 states, CDC says
Black Friday 2020: Walmart, Home Depot, Target, Macy's Black Friday Plans: How the Christmas Shopping Season Is Different Amid COVID-19
According to the Bloomberg report, the company's stock rose more than 3%. Las Vegas Sands is expected to post third-quarter earnings on Wednesday.
"We are in a world full of injuries"
The disappearance of conventions after COVID-19 contributed to a loss of nearly $ 1 billion for Las Vegas Sands in the second quarter.
"Las Vegas cannot perform without the return of these segments," said Rob Goldstein, president and COO of Las Vegas Sands, in a July earnings call. "It can't make money with limited hotel occupancy."
Las Vegas Sands posted a $ 985 million loss from the coronavirus pandemic in the second quarter - a 97.1% decrease from a year earlier. The company posted net income of $ 1.11 billion in the second quarter of 2019.
The pandemic has essentially turned Las Vegas from a global travel destination into a regional gambling hub dependent on the "drive-in" business, Goldstein said.
"We are here in a world full of injuries regarding Las Vegas," said Goldstein. "I've never felt more gloomy than what is happening in Las Vegas today."
The company is optimistic that business in Macau, China will recover faster, but Goldstein said he was "pessimistic" that the convention and large group business will return to southern Nevada before 2021.
Adelson, the 87-year-old billionaire executive director of Las Vegas Sands Corp., said government officials must first relax occupancy restrictions before the exhibition and convention industry can make a comeback.
Las Vegas Sands casino magnate Sheldon Adelson stands next to his wife Miriam at the Las Vegas Metropolitan Police Department headquarters to watch President Donald Trump make remarks at a Hope for Prisoners graduation ceremony.
Adelson: Most Wealthy Person in Nevada
With an estimated net worth of $ 41.4 billion, Adelson is the richest person in Nevada and one of the 20 richest people in America.
His Las Vegas Sands Corp. is one of the largest casino and resort companies in the world with the Venetian and Palazzo resorts on the Strip and the lucrative casinos in Macau.
Adelson and his wife Miriam are the GOP's best-known donors. You donated more than $ 123 million to conservative politicians in the 2018 election cycle - more than any other US citizen.
Ed Komenda writes about Las Vegas for the Reno Gazette Journal and the USA Today Network.
This article originally appeared in the Reno Gazette Journal: Adelson's Las Vegas Sands In Talks About Selling Vegas Strip Real Estate
Click to receive the most important news as a notification!
California Governor Offers New COVID-19 Relief Package for Small Businesses — What’s In It
Nico Mannion rejected a couple of teams to land with Warriors
Barr’s future in doubt after Giuliani and Trump campaign blast him for denying widespread election fraud
'A baby-selling enterprise': Former Arizona elected official sentenced to 6-plus years in adoption scheme
School faces backlash for allegedly telling girls their outfits were 'distracting' male teachers: 'This is appalling'
Here's What's Really Going on Between Selena Gomez and NBA Star Jimmy Butler