Sands owner disposes of Vegas gaming establishments
Over three decades after its establishment, Sands Group is abandoning its Las Vegas residence, selling off its two casinos. The "Venetian" and the "Sands Expo and Convention Center" are up for grabs with all the stores and associated real estate for a whopping $6.25 billion. While the company was rumored to be considering this move for a while, Sheldon Adelson's demise was the push it needed. The industry titan succumbed to cancer, ending a long battle. Aged 87, Adelson was a force that helped shape the gaming industry.
Sheldon Adelson's Legacy
With the sale of the Venetian and the Expo and Convention Center, Sands will carve out a place among the world's top players in the gambling realm. As stated in their official announcement, selling these assets will continue Adelson's legacy. Although Adelson's departure from Las Vegas was not an easy decision, Sands' main focus has moved away from the US gambling hub.
With Adelson's long-term strategy focusing on Asia, the sale of the two Las Vegas casinos now paves the way for a new era for the company. Macau and Singapore will be the main draws for their expansion ambitions. Sands has had a growth mindset, and with $6.25 billion in their pocket, Patrick Dumont, President and Chief Operating Officer, envisions a market leader position in the booming Asian casino industry:
"This transaction is part of our long-standing strategy of reinvesting in our Asian operations and returning capital to our shareholders. As the industry evolves, we are also keen on exploring digital market opportunities." - Patrick Dumont, President and Chief Operating Officer of Sands, Official Sands Press Release
Vegas' Transition
Though the two Casinos won't remain under Sands' management, the new owners, "Apollo Global Management" and "VICI Properties," have plans to continue business operations. The news has made Robert Goldstein, former manager of the Venetian, extremely pleased. He considers the Venetian to be a renowned property, with a well-trained, talented team, confidently predicting swift restoration to normality:
"The Venetian is a first-class establishment with a very talented team of employees. I am sure that Las Vegas will be back in full swing in no time. The hardworking and dedicated team will ensure that guests will continue to have a memorable experience at the Venetian. I'll keep a close eye on further developments."- Robert Goldstein, Managing Director of Sands, Official Sands Press Release
Macau: The Asian Gambling Capital
The decision by Sands to expand in Asia isn't surprising. Unlike Las Vegas, Macau has eclipsed the Western gambling capital in terms of popularity. When the transformation happened at the turn of the millennium, Macau was just a minuscule place spanning 30 square kilometers.
However, the city on the Chinese peninsula has come to symbolize exquisite casinos with rows of gilded palaces crowning the skyline. The metamorphosis has changed Macau into the gambling hotspot not only for Far Easterners but a diverse crowd from all corners of the world. In 2016 alone, over 30 million people flocked to Macau. While most of these tourists originate from mainland China, the numbers from other parts of Asia and the globe are on the rise. Comparing the gambling spending in Vegas and Macau brings home the delta in growth. In 2016, wagers at Macau clocked in at $28 billion while Vegas sector recorded only $6.3 billion.
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Source: www.onlinecasinosdeutschland.com
