Las Vegas Sands announced last week that its Chairman and CEO, Sheldon Adelson, was going on medical leave for non-Hodgkin’s lymphoma treatment. Unfortunately, the company disclosed on Tuesday that its founder had passed away.
Discussions about the future of Las Vegas Sands were already taking place before his death. As early as October 2020, there were talks about the possibility of Las Vegas Sands exiting the market it originated from.
The Venetian and The Palazzo on the Las Vegas Strip could still be sold by Las Vegas Sands.
Recently, talks have emerged about Las Vegas Sands exploring the world of online sports betting and gaming. These discussions may soon materialize as Las Vegas Sands considers future opportunities.
The Venetian might be sold for $6 billion
In October 2020, rumors began circulating that Las Vegas Sands was contemplating selling its assets in Sin City. A representative from the company confirmed discussions about selling its Las Vegas properties, but clarified that a deal was not immediately forthcoming.
The Las Vegas Sands company has been severely impacted by the coronavirus pandemic. Despite its name, the company only owns one property in Las Vegas. Even though the regional visitors might not be the high-spending customers who frequent The Venetian, they are still making trips to Las Vegas.
Most of Las Vegas Sands properties are located abroad:
- Sands Marina Bay
- Macao’s Parisian
- Macao Plaza
- Cotai Central Sands
- Macao Sands
- Macao’s Venetian
Asian casinos are suffering due to the absence of international tourists. If The Venetian in Las Vegas is sold for $6 billion, it would significantly finance its remaining ventures.
The Venetian in Las Vegas includes the mentioned hotel, The Palazzo casino, and a resort tower. The Sands Expo Center and Grand Canal Shoppes are located between the two hotel towers of Las Vegas Sands.
Moreover, the company is collaborating with the Madison Square Garden Corporation on The Sphere, an arena being built east of The Palazzo hotel tower.
Hard Rock International may be coming to Las Vegas
As the calendar flipped to 2021, rumors of a possible sale began to intensify. This time, there was a potential buyer involved in the talks.
The buzz around the sale of Venetian/Palazzo is intensifying. It appears that the Seminoles, who own Hard Rock International, have already started reaching out to industry executives to assess their interest in joining the venture.
From Vital Vegas, January 8, 2021.
Hard Rock International (HRI) hasn’t hidden its interest in running a casino in Las Vegas. The company bought the intellectual property rights to the Hard Rock Hotel & Casino in Las Vegas last year. The previous version of the Hard Rock in Las Vegas had no connection with Hard Rock.
Currently, the rumor mill suggests that Blackstone Real Estate Income Trust could be partnering with HRI, a deal that would involve a whopping $6 billion for a casino. The company already boasts partnerships in Las Vegas with MGM Resorts for Bellagio, Mandalay Bay, and MGM Grand. Additionally, The Cosmopolitan of Las Vegas is owned by Blackstone.
A possible sale of The Venetian to HRI might introduce a new sportsbook operator in Las Vegas. The Venetian’s sportsbook is currently operated by William Hill, who took over after buying CG Technology. However, William Hill has now been acquired by Caesars.
Play Innevada contacted William Hill for a statement regarding its deal to run the sportsbooks at The Venetian and The Palazzo. However, the company declined to comment on its future plans at these two casinos.
HRI announced the establishment of Hard Rock Digital late last year. This joint venture plans to provide online gambling and sports betting. Should the company acquire The Venetian, it is likely to introduce its mobile sports betting in Nevada, if feasible.
Las Vegas Sands explores online gambling and sports betting
A new sports betting option could potentially emerge in Nevada, regardless of whether the company sells its Las Vegas properties or not.
Bloomberg reports that Las Vegas Sands is also engaging in talks with prospective partners in the sports betting sector.
The possible agreement would not be limited to a retail sportsbook operator at The Venetian and The Palazzo. Las Vegas Sands is considering expanding its brand to all states where legal online sports betting is available. Additionally, the company might investigate the possibility of venturing into online casinos, where permissible.
Adelson had opposed online gambling. However, in the event of future property closures, online sports betting and casinos could serve as a revenue source for a casino operator.
FuboTV has recently entered the US sports betting market, highlighting the current trend of online sports betting deals. Bally’s also recently declared its intention to operate its own sportsbooks. On the other hand, MGM Resorts is exploring ways to grow its BetMGM online gambling division.
Regardless of the sale of The Venetian, a new sportsbook operator may emerge in Nevada.
Sheldon Adelson’s passing
Adelson died at 87 due to complications from non-Hodgkin’s Lymphoma treatment. A statement regarding Mr. Adelson’s influence on the gaming industry was shared by Bill Miller, the CEO of the American Gaming Association.
The gaming community has suffered a great loss with the passing of Sheldon Adelson today. Adelson, who was the founder and Chairman of Las Vegas Sands, had been a significant figure and innovator in modern casino gaming for over thirty years. His impact is deeply felt and unmistakable, from Las Vegas and Pennsylvania to Macao and Singapore.
Over the course of more than 15 years, before I joined the American Gaming Association (AGA), I had the privilege of knowing Mr. Adelson. His leadership and generosity are the traits that impress me the most. His dedication to serving his community and prioritizing the welfare of his employees, especially during the last year when our country and industry were wrestling with a global pandemic, is the epitome of this.
I express our sincerest condolences from the AGA to Dr. Adelson, the Adelson family, and our fellow gaming associates at Las Vegas Sands. May his memory serve as a blessing.”
The funeral of Adelson will take place in Israel, where his wife, Dr. Miriam Adelson, was born. A memorial service is also being planned in Las Vegas, with the date to be announced in due course.
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