Las Vegas Sands is one of the biggest and most profitable casino companies on the planet. It’s been struggling since March of 2020, however, and is now looking for new ways to generate revenue. Today, we’ll talk about the new Las Vegas Sands property sales being reported.
This company has been hinting at major casino sales for more than a year. Some are surprised to hear which venues LVS is parting ways with, though.
Here’s what you need to know about this situation.
Gaming Revenue in Las Vegas Took Another Dive in January
The world’s gambling industry has yet to recover from the events that unfolded in 2020. That is a tough pill to swallow for the many casino companies around the world. Nevada, home to the biggest gaming industry in the US, is still seeing fairly low revenue figures.
January saw another drop in gambling revenue here. Overall, the state brought in just $761.85 million in taxable revenue. That represents a massive 26.58% drop in revenue when compared to January of 2020.
Clark County, where Las Vegas was located, generated $617.3 million in revenue in January. The Las Vegas Strip brought in the vast majority of this money. $312.5 million was brought in from this area of Las Vegas.
Many believe things are beginning to improve in Nevada, though. Monthly revenues are increasing here. Tourism numbers are up and several major gambling properties here have recently chosen to begin operating 24 hours per day once again.
Las Vegas Sands has been discussing major Las Vegas property sales for months. It appears the company is now finally ready to move forward with these sales. New reports indicate this massive company is ready to give up some of its most profitable venues.
It’s a fascinating time for the city of Las Vegas. Now is the perfect time to talk about what exactly is happening with Las Vegas Sands.
The Las Vegas Sands Casino Sales Have Been Confirmed
There has been a lot of media attention placed on Las Vegas Sands over the past year. This company was one of the hardest-hit from the casino shutdowns back in March of 2020. As the months went on, officials within the company started discussing ways to make up for the low revenue figures.
To make things worse, the company’s founder Sheldon Adelson passed away earlier this year. He was responsible for growing this company to what it is today. His passing was felt throughout the world’s casino industry.
Months ago, rumors began circulating that LVS was looking to sell some of its biggest gaming venues in Las Vegas. Many doubted these claims. Properties such as The Venetian and The Palazzo have been some of the most popular in Las Vegas since they first opened.
It now appears these reports were true. Two major Las Vegas Sands property sales have just been confirmed. LVS has officially announced it has agreed to a $6.25 billion deal with Apollo Global Management and VICI Properties to sell The Venetian and the Sands Expo and Convention Center.
Las Vegas Sands is now putting its focus on Macau and Singapore. Chairman and CEO Robert Goldstein gave a statement on this situation to the media today.
“The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry,” Goldstein said. “This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention.”
The Las Vegas Sands property sales could end up being a fantastic move. No one knows when Las Vegas will begin seeing a true recovery. Macau, however, seems on the brink of a major tourism and gambling revenue surge.
More Casino Companies Are Focusing on Operations in Macau
Las Vegas is and probably always will be the biggest gambling hub in the United States. Macau holds that title in Asia. This country is home to a large number of world-class casino-resorts owned by many different US casino companies.
The casinos in Macau have been open for more than a year. Due to travel restrictions between Mainland China, however, these venues have seen very little revenue. It’s been a tough blow for the companies operating properties here.
Not long ago, Macau’s government lifted mandatory quarantine requirements to Mainland China. Many analysts believe this will lead to a massive surge in tourism. More Chinese nationals will be able to make the trip here now that quarantine is no longer required.
As a result of this news, many companies are focusing more on their operations in this city. Some analysts believe this city could grow to become a very valuable location for US casino companies in the near future.
Las Vegas Sands clearly sees the potential in Macau. This company is agreeing to part ways with one of its biggest and most successful casino-resorts in history. Hopefully, this decision pays off in the long-term.
Are you surprised to hear about these Las Vegas Sands property sales? Do you think we’ll see more casinos sold in Las Vegas this year? Let us know in the comments section below.