The past eight months have been some of the hardest in history for US casino companies. No one could have anticipated that this industry would still be struggling today. Not long ago, Las Vegas Sands announced it was interested in selling some of its largest gaming properties. We’re now beginning to hear which companies may end up buying Las Vegas Sands casinos.
LVS, like many other major casino operators, continues to see low revenue figures. We may begin seeing more of these companies announce property sales in the near future.
Let’s take a look at where the company’s casinos may end up!
Casino Revenue Remains Low Around the United States
The US casino seemed to be growing at a rapid pace around the country for the past few years. More states were passing laws to open new gambling venues. Revenue was flowing in and gambling fans were given more options to play their favorite games.
In March of this year, all of the progress that had been made come to a screeching halt. All casinos around the United States were forced to shut down due to health concerns. It took months for major gaming destinations to begin opening back up.
Simply reopening didn’t prove to be a perfect solution. Many people around the country are unwilling to travel while a pandemic rages on. A hurting economy also means fewer individuals are wanting to risk their money gambling.
Casino companies are being hit extremely hard. Many, including Wynn Resorts, have begun shutting down properties on certain days of the week to cut down on costs. These new hours are expected to remain in place until visitation rates return to normal.
Some companies are taking even more intense measures. Las Vegas Sands recently announced it was interested in selling some of its biggest US casinos. It was shocking news to hear from such a powerful gaming operator.
We’re now beginning to hear which companies may be interested in taking over LVS’ properties.
Here’s Which Companies Could End Up Buying Las Vegas Sands Casinos
Las Vegas Sands was founded back in 1988 by gambling mogul Sheldon Adelson. Over the next three decades, the company grew to become one of the world’s largest casino operators. Today, LVS owns casinos in Nevada, Macau, and Singapore.
Prior to 2020, things seemed to be going smoothly for this company. No one could have expected that company officials would be looking to sell their biggest venues in the US. This is the year to expect the unexpected, though.
Back in October, news broke that Las Vegas Sands was interested in getting rid of several US properties. The reports began spreading like wildfire. Analysts were quick to predict the companies interested in buying Las Vegas Sands casinos.
There seem to be a few leading candidates right now. Gaming analyst Chad Beynon recently spoke with the Las Vegas Sun about the companies most likely to take control of these venues. He claims Crown Resorts, Tillman Fertitta, and Galaxy Entertainment are all possibilities.
“Buying Venetian and Palazzo, that’s not just buying a property on the Strip, that’s buying a convention business,” he said. “The buyers that were looking at Caesars, they’re probably the same ones that would at least look at this. Tilman Fertitta was interested in Caesars, so I certainly think he’d be interested. On paper, it seems like that could work.”
As of now, no companies have announced a direct interest in these purchases. There are obviously many factors that need to be considered. It’s clear that Las Vegas Sands has some exciting options ahead, though.
Will Caesars look to continue expanding with more casino purchases?
Caesars Entertainment May be Interested in More Property Purchases
It wouldn’t be a surprise if you’ve heard about Caesars Entertainment in the news recently. Over the past two years, this company has been involved in several massive deals. The biggest, of course, being the merger with Eldorado Resorts.
Back in 2019, Eldorado Resorts agreed to pay an astounding $17 billion to take over Caesars. It was the largest casino company purchase in history. In order to get the deal approved, these companies needed to sell many of their different casinos around the country. The merger was finally approved earlier this year.
In September, news broke that Caesars had agreed to pay $3.7 billion to acquire William Hill’s US assets. William Hill is one of the largest sports betting companies in the world. This acquisition gives Caesars tremendous leverage in this new industry.
Some now feel that Caesars will end up buying Las Vegas Sands casinos. It’s clear that officials within the company including Tom Reeg are interested in expansion. At this point, however, no one knows if more Las Vegas properties are appealing.
The land-based casino industry is in uncharted waters. No one can predict how things will look six months from now. Make sure to stay tuned for updates over the next few months!
Are you surprised that LVS is selling its properties in Nevada? Which company do you think will purchase them? Let us know in the comments section below!