The company operates the Venetian and Palazzo resorts on the Las Vegas Strip, as well as the Sands Expo convention center. The sale of the three could generate up to $ 6 billion, leaving the company to focus on its attractive properties in Singapore and Macau, according to multiple news reports.
Real estate company Sands of America accounted for just over 13% of its revenue last year. The company has confirmed to several outlets that it is in “very early discussions” about a potential sale.
Sands did not immediately respond to CNN Business’ request for comment. Bloomberg reported the change for the first time late Tuesday.
Sands posted an 82% revenue drop in its third-quarter earnings last week. “The Covid-19 pandemic recovery process continues to advance in each of our markets,” Adelson said.
Las Vegas has reopened, but with only a handful of conferences, the total number of visitors decreased nearly 60% in August compared to the same month last year, according to the city’s tourism department.