Las Vegas Sands Corp. exploring sale of flagship casinos: report

Properties included in potential sale include Sands Expo Convention Center, Venetian Resort Las Vegas and Palazzo

Casino operator Las Vegas Sands Corp is exploring a sale of its flagship casinos in Las Vegas in a deal that may bring in $6 billion, a source familiar with the matter told Reuters on Monday.

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The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo, the source added, asking not to be identified.

SHELDON ADELSON'S LAS VEGAS SANDS GIVES UP ON $10B JAPAN CASINO PROJECT

Bloomberg reported earlier that Las Vegas Sands is working with an adviser to solicit interest from potential suitors.

LAS VEGAS, NEVADA - The resort name at the shuttered Venetian Las Vegas on the Las Vegas Strip displays the colors of the Italian flag as a result of the continuing spread of the coronavirus on March 28, 2020 in Las Vegas, Nevada. On March 20th, Neva

In May, Sands ended plans to open an integrated resort (IR) casino in Japan without providing a reason for the cancellation of the project.

The gambling industry, which thrives on air travel and large groups of people in close proximity, is one of the hardest hit industries amid the ongoing coronavirus pandemic.

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As of June 30, the company had $13.82 billion total outstanding debt, excluding finance leases.

Chairman and chief executive of the group, Sheldon Adelson, said in the second quarter that a “recovery process from the COVID-19 pandemic in each of our markets is now under way.”