Las Vegas Sun

March 28, 2024

Las Vegas Sands exploring sale of Venetian, Palazzo

Strip Casinos Begin Temporary Closures

Steve Marcus

An exterior view of the Venetian in Las Vegas,Tuesday, March 17, 2020.

Updated Monday, Oct. 26, 2020 | 7:30 p.m.

Las Vegas Sands is in talks to sell some or all of its Strip assets — the Venetian, Palazzo, and the Sands Expo and Convention Center, according to the company.

A Sands spokesman today confirmed a report by Bloomberg that the company is “exploring the sale of its flagship casinos in Las Vegas.”

Sands is working with an adviser to solicit interest for all three properties, which could bring $6 billion or more, Bloomberg reported, citing people with knowledge of the matter. They asked to not be identified because the talks are private, Bloomberg said.

In a statement, the Sands spokesman didn’t offer specifics but said “very early discussions have taken place, but nothing has been finalized.”

Sands, the largest gaming company in the world, is based in Las Vegas, but most of its properties are located overseas, primarily in Macau, China. It also operates the Marina Bay Sands in Singapore.

Sands chairman and founder Sheldon Adelson, the 87-year-old GOP megadonor, is one of the country's richest people with a net worth of $31.8 billion, according to Forbes.

The sales talks come as Las Vegas faces unprecedented challenges in the face of the coronavirus pandemic, which has devastated the travel and tourism industries.

Gov. Steve Sisolak ordered casinos statewide closed from mid-March until June 4 in an effort to curb the spread of the virus, which has resulted in 1,749 deaths in Nevada.

Since reopening under strict health and safety guidelines, casinos have struggled with sharp drops in visitors and hotel occupancy. A handful of resorts in the Las Vegas area remain closed and others have drastically reduced amenities, such as dining options, shows and nightclubs.

The Encore recently announced it was closing midweek because of a lack of customer demand.

Las Vegas Sands stock closed Monday trading at $49.13 per share, down a little over 3% for the day. As of Monday evening, it was up slightly in after-hours trading.