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Sands sells its Las Vegas casinos in US$6.25b deal as it shifts focus to Macau, Singapore

elean
3 minutes

NEW YORK (REUTERS) - Las Vegas Sands, founded by late casino mogul Sheldon Adelson, will sell its Vegas properties for US$6.25 billion (S$8.33 billion), exiting the US gambling hot spot after three decades to focus on Asia, home to Singapore and the world's largest gambling hub, Macau. Las Vegas Sands is also shortening its name to Sands as a result of leaving Las Vegas, CNN reported. In a press release, Adelson's company said the change is "bittersweet" and will help it focus on faster growing markets, such as Asia. The sale comes nearly two months after the death of Mr Adelson - widely credited with helping transform the Chinese territory of Macau from a den of hard core gambling parlors into a centre of luxury resorts and convention centres with revenue that now dwarfs Las Vegas. Las Vegas Sands said the deal underscores its strategy of reinvesting in its Asian operations, with a focus on Macau and Singapore, where it owns the Marina Bay Sands casino resort. Macau and Singapore accounted for 48 per cent and 35 per cent of the company's total revenue in 2020, respectively, according to Refinitiv Eikon data. "The deal further strengthens the company's balance sheet to fund future ...

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Las Vegas Sands hands reins to Robert Goldstein after Sheldon Adelson’s death

elean
2 minutes

NEW YORK (BLOOMBERG) - Las Vegas Sands, owner of Marina Bay Sands in Singapore, named acting chief executive officer Robert Goldstein as permanent CEO following the death of Sheldon Adelson, founder of the casino empire. Mr Goldstein, 65, will assume the role of chairman as well, Sands said on Tuesday (Jan 27). The company also promoted two longtime executives: Patrick Dumont, previously executive vice president and finance chief, was named president and chief operating officer. Randy Hyzak was promoted to succeed him as CFO. The appointments were triggered by the death of Mr Adelson, 87, earlier this month from complications of cancer. Mr Adelson earlier took leave from his posts atop the company for treatment. The company remains firmly in the hands of its founding family, with Miriam Adelson, Sheldon's widow, controlling the bulk of the family's 57 per cent stake in the company. Mr Dumont, who has been with the company since 2010, is her son-in-law. Mr Goldstein joined the company in 1995, while Mr Hyzak came aboard in 2016 as chief accounting officer. Like other casino operators, Sands has been hobbled by the global coronavirus pandemic. It's expected to report a 63 per cent dr...

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Las Vegas Sands chief takes leave for cancer treatment

elean
3 minutes

NEW YORK • Sheldon Adelson, the chairman and chief executive officer of Las Vegas Sands, which owns Singapore's Marina Bay Sands, is taking a leave of absence after resuming treatment for cancer. Mr Adelson had retained his executive role since the company revealed in 2019 that he had non-Hodgkin's lymphoma. Company president Robert Goldstein will take up Mr Adelson's duties as acting chairman and acting CEO, according to a statement on Thursday. Mr Adelson, 87, is the company's majority shareholder and one of the world's biggest gambling moguls, overseeing operations from the Las Vegas Strip to Macau to Singapore. He is a prominent donor to Republican politics in the United States, having backed outgoing President Donald Trump. The appointment is unlikely to cause changes in the group's strategic direction or operations at its Sands China arm, which is run by a local management team, according to gaming analyst D.S. Kim of JPMorgan Chase & Co. The impact on Sands' relations with Macau and Beijing "may be open for debate, but we similarly see no negative impact on its positioning in the market", Mr Kim wrote in a research note on Thursday. He said Mr Goldstein has long been in posi...

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Owner of Marina Bay Sands exploring $8.2 billion sale of Vegas casinos

elean
3 minutes

NEW YORK (BLOOMBERG) - Sheldon Adelson's Las Vegas Sands Corp is exploring the sale of its casinos in Las Vegas, according to people with knowledge of the matter, a move that would mark the mogul's exit, for now, from the US gambling industry. The world's largest casino company, Sands is working with an adviser to solicit interest for the Venetian Resort Las Vegas, the Palazzo and the Sands Expo Convention Center, which together may fetch US$6 billion (S$8.2 billion) or more, said the people, who asked to not be identified because the talks are private. The properties are all connected along the city's famous strip. A representative for Las Vegas Sands confirmed it was in very early discussions about a sale and that nothing has been finalized. A sale would concentrate Sands' casino portfolio entirely in Macau and Singapore, where it owns Marina Bay Sands. They are the two larger casino markets for Mr Adelson, who ranks as one of the world's richest people, with a fortune estimated at US$29.7 billion. The US was already a small and shrinking part of his business, accounting for less than 15 per cent of revenue last year. The money could allow the company fund other development oppor...