Where Las Vegas Sands Could Park the $6.25 Billion From Its Sin City Resort Sale
Skift Take
Leaving Las Vegas gives Las Vegas Sands more than $6 billion in capital to beef up non-gaming assets in markets like Singapore and Macau and potentially dip its toes in the uncharted gambling waters of Texas.
Early Check-In
Editor’s Note: Skift Senior Hospitality Editor Sean O’Neill brings readers exclusive reporting and insights into hotel deals and development, and how those trends are making an impact across the travel industry.
Las Vegas Sands may be exiting its namesake city, but its hefty, $6.25 billion cash-out will go toward continued expansion in Singapore and other Asian cities as well as new U.S. markets, most likely Texas.
The gaming company announced plans in early March to sell its Venetian Resort Las Vegas and the Sands Expo and Convention Center to investment firm Apollo Global Management. Just because the company is leaving Las Vegas doesn’t mean it’s done with the U.S.
“We continue to look at other large-scale Asian opportunities, and then, of course, we think in the U.S., there may be some opportunities for us here,” Rob Goldstein, the CEO of Las Vegas Sands, said on an investor call late last week.
Las Vegas Sands launched a marketing campaign in Texas earlier this month pushing for the legalization of four casino resorts across the Lone Star State. The Sands ads argue Texas loses billions of dollars in tourism and gaming revenue to neighboring states with legalized gaming like Arka
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