Las Vegas Sands is Continuing to Exit Las Vegas and Investing in Macao and Singapore
Apollo Global Management Inc. on Thursday received regulatory approval to acquire The Venetian, Palazzo and The Venetian Expo from Las Vegas Sands Corp. The deal could close as early as next week, according to officials with the New York-based private investment company. The Nevada Gaming Commission voted 4-0 to approve the deal, with Rosa Solis-Rainey abstaining because her law firm provided unrelated legal work for Apollo. Las Vegas Sands Corp. executives said they will stay the course with their big investments in Macao and Singapore as the company prepares for its next phase of operations — one without Las Vegas Resorts. Sands Corp leaders also made clear that they are focused on other U.S. gaming opportunities, namely in New York, Florida and Texas. Investors were told the company will continue to be patient in Macao, where it is the market leader, and go forward with a $1 billion investment in Singapore’s Marina Bay Sands Resort, even while COVID-19 and omicron variant restrictions continue to pummel those regions. Sands Fourth Quarter Revenue was down 0.7% and the Sands experienced 4th Quarter Losses for the second year in a row.
Sands is selling The Venetian, Palazzo and The Venetian Expo in Las Vegas to two New York-based entities, Apollo Global Management Inc. and partner Vici Properties Inc., for $6.25 billion. This sale has now been approved Nevada regulators. “We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead,” said Rob Goldstein, chairman and CEO. “While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive cash flow in each of our markets. We remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the pandemic.”
The exit from Las Vegas by the Las Vegas Sands Corp was started by founder and Las Vegas Visionary, Sheldon Adelson and has been continued by current management. I wonder what they know that we don't?.......