Casino operator Las Vegas Sands Corp is considering selling Las Vegas flagship casinos for approximately $6 billion, a move likely to pave the way for the exit of the chairman from the U.S. gambling industry, according to Reuters. The sale includes Sands Expo Convention Center, the Venetian Resort, and Palazzo.
- The potential sale of Las Vegas properties to concentrate the company’s casino portfolio entirely in Singapore and Macau.
- Las Vegas Sands is working with an adviser to solicit interest from potential suitors.
- In May, Sands terminated plans to open an integrated resort casino in Japan without giving reasons for the project’s cancellation.
- The gambling industry has been hit by the ongoing COVID-19 pandemic, and as of June 30, Sands had $132.82 billion debts outstanding, excluding finance leases.
- Sands reported a Q3 loss of 74 cents on $586 million revenue, representing an 82% drop in revenues from the prior year.
Fitch Ratings revised Las Vegas Sands Corp outlook from “stable” to “negative” in August due to market conditions during the pandemic. LVS: NYSE is down 3.06%