Sands to keep US base after shock Vegas sale

LAS VEGAS, USA – APRIL 14, 2014: People visit The Venetian resort view in Las Vegas. It is one of 10 largest hotels in the world with 4,409 rooms.

Reports from Asia are saying that Las Vegas Sands will be keeping its headquarters and US stock market listing, despite the recent announcement of the sale of its gaming and non-gaming assets in Las Vegas for $6.25bn.

In an email to GGRAsia, Ron Reese, the group’s senior vice president of global communications and corporate affairs, said: “The company plans to continue to maintain listing and headquarters in the U.S.” The company has acknowledged that its focus will be on operations in Asia, which include hugely successful developments in Macau and Singapore.

“This company is focused on growth, and we see meaningful opportunities on a variety of fronts,” Chairman and CEO Robert Goldstein has said. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention.”

The Vegas sale includes the Venetian and the interconnected Palazzo property, plus the Sands Convention Centre which is behind the Venetian. The price tag for the properties is $4bn, acquired by VICI Properties, plus $2.25bn for the Venetian operations, bought by Apollo Global Management.

Patrick Dumont, the company’s president and chief operating office, said “our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction.”

Many are seeing the deal as a huge vote of confidence for the Strip’s potential to bounce back from COVID, with Don Snyder, former UNLV president and longtime leader in the Las Vegas banking sector telling the Las Vegas Sun: “A $6 billion investment in a market is a vote of confidence. Apollo is a smart investor. They understand what they’re buying, and that level of investment speaks highly about their good feelings for the Las Vegas marketplace and its potential. I consider this to be good news, but there is always some uncertainty with change.”

Sands posted a $300m quarterly loss in January, and legendary CEO and Chairman Sheldon Adelson died recently. The sale is expected to complete in Q4 this year.

Image: tupungato/Adobe Stock