It looks like the Venetian and the Palazzo could soon have new owners according to many reports. Las Vegas Sands Corporation the owner of both properties is said to be considering selling the properties plus the Sands Expo Convention Center for about $6 billion.
It seems a strange time to sell properties in Las Vegas with traffic light and, the convention business most likely not returning until next year sometime at the earliest. The owner of Las Vegas Sands Corporation is 87 year old Sheldon Adelson who has a net worth of $32 billion so this isn’t a case of a struggling operator having to sell because of the current pandemic situation.
Las Vegas Sands has big operations in Macau and Singpore with the current situation in Las Vegas maybe it makes more sense to concentrate on those markets that are likely to recover more quickly.
What Does $6 Billion Get You?
The final deal if it happens could change but most likely if the sale takes place the new owner would get 63 acres on the Strip and thats not including the 19 acres that Madison Square Garden is building the MSG Sphere Arena.
The two hotels combined llllllhave approximately 7,000 hotel rooms and 200,000 square feet of casino; Also Las Vegas Sands Corporation has a huge presence in the convention business in Las Vegas with the 1.7 square foot Sands Expo Convention Center.
Will A Deal Be Made?
The Venetian and the Palazzo are both successful high end properties and under normal times their would be many possible suitors.
In the current pandemic with no conventions and, light traffic a potential buyer would have to stomach short term challenges to say the least.
By the end of next year hopefully conventions and visitor traffic will be up at that point it could be a great deal purchasing these properties.
The North end of the Strip could see a big boost from Resorts World opening as well as the greatly expanded Las Vegas Convention Center and the MSG Sphere.
Sheldon Adelson is on of the richest man in America so he doesn’t need to sell resorts but I believe if the price is right he will.