Las Vegas is home to many of the biggest and best casinos in the world. That includes The Venetian, which opened its doors on the Las Vegas Strip back in 1999. This week, reports confirmed that The Venetian Las Vegas sale by Las Vegas Sands has been completed.
This is one of the biggest casino sales to take place in Las Vegas in years. It’s far from the only one to happen in recent times, though.
Here’s what you need to know about the sale of this beloved casino.
Las Vegas Sands Completes The Venetian Las Vegas Sale
Most of the world’s biggest and most expensive casinos are located on the Las Vegas Strip. The Venetian opened its doors on the Strip in 1999 and immediately became one of the most popular resorts in the city. It has been owned and operated by Las Vegas Sands since its grand opening, yet this company has been working to tell the property for more than a year.
Las Vegas Sands has been struggling since the mass casino shutdowns in March of 2020. The company’s revenue figures remained low throughout 2020, yet began to increase in 2021. Executives have told the media that plan to sell many of their US properties in order to focus more on their operations overseas.
Updates on The Venetian Las Vegas Sale have been appearing over the last few months. This week, news broke that this massive casino deal has finally been completed. Las Vegas Sands has agreed to part ways with this venue, handing it over to Apollo Global Management for $6.25 billion.
Las Vegas Sands Chairman and CEO Robert Goldstein spoke about this sale to the media and reflected on the impact this venue has on the company.
“The opening of The Venetian more than 20 years ago represents the beginning of the company’s success,” Goldstein said. “The property, and most importantly, the people who represent it every day will always remain indelible parts of our history.”
This is a huge deal, yet things are unlikely to change much with this property. The name and overall operations will likely remain the same. Apollo Global has, however, confirmed that some new changes such as renovations may be coming to the venue. Stay tuned for updates over the next few months.
More Las Vegas Casino Sales Will Take Place This Year
Many analysts were surprised to first hear about The Venetian Las Vegas Sale. This is one of the biggest casino sales in US history. It now seems likely that more major casino sales will be taking place in Las Vegas over the next couple of weeks.
MGM Resorts International has already been involved in several of these major sales. This company agreed to sell The Mirage to Hard Rock International for just over $1 billion. This marks the first time that a tribal group owns and operates a major casino on the Las Vegas Strip.
MGM Resorts is also interested in buying. This company chose to purchase The Cosmopolitan last year for $1.6 billion, yet the deal has not been finalized. It’s a major purchase and came shortly after the announcement of The Mirage sale.
Caesars Entertainment and Bally’s Corporation have big plans for the city, too. Both companies have announced major acquisitions as of late. Both also appear interested in renovating several of their most popular casinos in Las Vegas.
2022 is already shaping up to be a very interesting year for the US casino industry. We’ll be sure to provide more information on the sales and major casino projects in the city over the next couple of months.
Will Nevada Legalize Online Casino Gambling This Year?
Nevada is home to more casinos than any other state in the country. Many groups have been calling on lawmakers to allow online casinos in this state in recent years. Various casino executives have pushed against this idea, arguing it will take away from revenue earned at land-based casinos.
Sentiment toward this subject seems to be changing, though. A growing number of casino executives believe that there is a major upside in the legalization of online casino gambling. The main upside is obviously the major revenue this would bring to these companies and the state.
MGM Resorts CEO Bill Hornbuckle is one man that now supports this move. He claims that it will help to benefit casino companies and help to bring a huge amount of tax revenue to the state. New Jersey is a good example of how successful online casino regulation can be.
It remains unclear if this is something that state lawmakers will focus on this year. There are other subjects likely higher on the priority list. It would not be a shock to see online casinos launch in this state within the next couple of years, though.
What do you think about The Venetian Las Vegas sale? What other casinos do you expect will go up for sale in Las Vegas this year? Let us know in the comments section below.