Las Vegas Sands Corp. leaves Las Vegas and heads to Asia.
The company, led by Sheldon Adelson until January, agreed to sell the Venetian casino and resort and two other properties in Vegas for $ 6.25 billion.
The buyer is Apollo Global Governance, according to the Wall Street Journal.
Apollo partner Alex van Hoek said the move “underscores our belief in a strong Las Vegas recovery” and global hospitality and gambling as a whole, the report said. Hospitality was decimated by the pandemic, although strong gains from last month caused stock prices publicly traded hotel companies back to the level before Covid.
In addition to the stately Venetian, the other two properties sold were the luxury casino and resort of Palazzo and the Sands Expo convention center.
Sands Corp. It plans to keep its headquarters in Vegas, and executives said the company was considering expansion in New York and Texas.
But it is turning its business to Asia and plans to invest more in its properties in Singapore and Macau. The report showed that the two posts accounted for 85 percent of its revenue since 2019.
Sands Corp. suspended dividends in the middle of a pandemic last year; The sale of Apollo could lead to the company paying part of the proceeds to shareholders, he told an analyst at the Journal Journal.
Vegas’s tourism industry is still heavily dependent on hiking, and many casino and hotel operators are feeling the financial pressure from Covid. Some operators came incentive packages to attract visitors to their property, but gambling revenues fell by 31 percent between 2019 and 2020, according to the Las Vegas Sun
[WSJ] – Dennis Lynch