Las Vegas Sands casinos could be sold in a $ 6 billion deal

Hundreds of people lined up outside of Vegas casino for food

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.

stocks sands (LVS) It jumped more than 3% in pre-market trading. The stock is down 30% for the year, casting a shadow over similar losses from other competitors who have been hit hard by the coronavirus-induced tourism downturn.

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.

in August, MGM Resorts (MGM) Lay off nearly a quarter Of its workforce of 18,000 employees. Last year, some properties were emptied. Including the Circus Circus and Bellagio, To the private equity firm in a lease buyback deal worth about $ 5 billion.
Adelson is a friend of President Donald Trump, and he also owns a resort in Las Vegas. Trump gave Adelson wife Miriam Presidential Medal of Freedom in 2018 to establish research centers committed to combating drug abuse.
The family also regularly donates money to Trump and Republican politicians. The couple recently Poured 75 million dollars The PAC Super was launched in late August to aid Trump’s re-election. They also supported the president’s first round in 2016.
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