The company’s CEO, James Stewart, shed some light on their Vegas plans during a conference call with investors on Monday. He said that they would definitely be interested in adding The Venetian or another Strip casino resort to their portfolio and that should the right opportunity present itself, this is “absolutely a deal that we would do.”
Stewart’s comments came less than a week after news emerged that casino giant Las Vegas Sands is in early talks to offload its Vegas portfolio, which includes the Venetian, the Palazzo, and the Sands Expo Convention Center. It is believed the company seeks US$6 billion for the properties.
MGM Growth Properties and other big casino-focused REITs are seen as potential bidders for Sands’ Strip assets.
Following a three-month closure of its casinos due to the COVID-19 pandemic, Las Vegas has now been struggling to climb back to pre-pandemic levels as the worst health crisis the world has experienced in many years has crippled its tourism and convention business.
But while many might believe that Sands’ decision to quit the local market is a repudiation of the city, Stewart said that seeking US$6 billion for the company’s Strip properties should be seen as a validation of Las Vegas’ potential. He further elaborated that Sands may just want to invest its money in growing its businesses in Macau and Singapore.
Source: Casino News Daily
