Las Vegas Sands mulling $6 billion sale of Vegas casinos: source

In this news, we discuss the Las Vegas Sands mulling $6 billion sale of Vegas casinos: source.

(Reuters) – Casino operator Las Vegas Sands Corp LVS.N plans to sell its flagship casinos in Las Vegas in a deal that could bring in $ 6 billion, a source familiar with the matter told Reuters on Monday .

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

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

In May, Sands ended plans to open an Integrated Casino (IR) in Japan without providing a reason for canceling the project.

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

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

Group chief executive officer Sheldon Adelson said in the second quarter that a “recovery process from the COVID-19 pandemic in each of our markets is now underway.”

Reporting by Aishwarya Nair in Bangalore; Edited by Stephen Coates

Original © Thomson Reuters

Originally posted 2020-10-26 18:16:09.

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