Las Vegas Sands, established by Sheldon Adelson, the late casino mogul, has reportedly announced that it is effectively selling its Las Vegas-based properties under a $6.25 billion deal and shifting focus towards another venture. With this deal, the casino brand would be taking its leave from the renowned U.S. gambling hot spot to effectively focus on Asia, which is home to Singapore, as well as the largest gambling hub in the world, Macau.

As per reports, in a rebranding caused by its exit from Las Vegas, Las Vegas Sands would also be shortening its brand name to Sands. In an official press release, the company of Mr. Adelson stated that the name change is ‘bittersweet’ but necessary, and would help it reorient its focus on more rapidly growing markets, like Asia.

The Vegas property sale comes approximately two months following the unfortunate passing of Mr. Adelson, who has been widely credited for helping transform Macau to a center of convention centers and luxury resorts, from a hub of hardcore gambling parlors, with annual revenues that now far outweigh those made by Las Vegas.

The company stated that the $6.25 billion deal underscores its long-term plan of reinvesting in Asian operations, focusing especially on Macau as well as Singapore, where the company owns the casino resort of Marina Bay Sands. Back in 2020, Macau as well as Singapore made up approximately 48% and 35% of the firm’s overall revenue, respectively.

The Las Vegas properties that are now being sold by the renowned casino operator include the Sands Expo and Convention Centre, and the Venetian Resort Las Vegas. Supposedly, a possible sale of these Vegas properties had been widely reported back in 2020.

The overall gambling sector, which essentially thrives on air travel as well as large number of people within close proximity, is one of the most hardest hit industries by the COVID-19 pandemic.

Source credit: https://www.straitstimes.com/business/companies-markets/sands-sells-its-las-vegas-casinos-in-us6b-deal-as-it-shifts-focus-to