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Las Vegas Sands bows out of US market in US$6 billion deal and bets on Macao license

蘋果日報 2021/03/05 16:58


Las Vegas Sands Corp has bowed out of the gambling business in the United States, selling its group of properties in its namesake city for US$6.25 billion (HK$46.55 billion).
The move is seen to indicate the group’s re-emphasis on its businesses in Asia. However, the corporation’s Macao casino license is set to expire next year, and the local government has yet to indicate whether the license will be renewed or not.
The corporation, which is shortening its name to Sands, had operated out of Las Vegas for 30 years before announcing the sale of the Venetian Las Vegas, Palazzo and the Sands Expo Convention Center to Apollo Global Management and VICI Properties.
Sands founder Sheldon Adelson bought its first property — the Sands Expo Convention Center — in 1989, which started his foray into the gambling industry. The corporation expanded overseas in the 2000s, including its first casino in Macao in 2004. The Asian portion of the business gradually became more important, taking up 85% of the corporation’s total income in 2019.
Sands indicated that the corporation has budgeted over US$5 billion to develop its businesses in Asia in the next five years. Losses incurred during the COVID-19 pandemic only further jeopardized the American arm.
The Macao government has yet to renew the licenses for the city’s six biggest casino license holders, which are all set to expire in 2022. With U.S.-China relations remaining tense, some voiced concerns over the license renewals for Sands, MGM China Holdings and Wynn, which are backed by American investments.
It is believed that the company has thrown all its eggs into one basket, and with an expectation that its casino license in Macao will be renewed. The move to forsake its roots in Las Vegas may show the Chinese government the company’s commitment to its Macao business, but it may be too early to celebrate.
Sands CEO Robert Goldstein said Asia continues to form the backbone of the corporation’s businesses with Singapore and Macao being the emphasis. The corporation will continue to keep an eye on promising investments in the United States, and Sands is also committed to continue to grow the gambling industry, he said.
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