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Gambling Tycoon Sheldon Adelson Contemplates Selling Casino Resort Retail Assets

Gambling Tycoon Sheldon Adelson Contemplates Selling Casino Resort Retail Assets

Gambling tycoon Sheldon Adelson, whose Las Vegas Sands Corp. owns Singapore’s landmark Marina Bay Sands, said he’s considering selling the casino resort’s retail assets after a government-imposed moratorium expires next year. The company has spoken with potential buyers, Chairman Adelson said in a conference call after Las Vegas-based Sands announced first quarter results Wednesday.

“Las Vegas Sands always have thoughts of monetising anything except its core casino assets.”

~ Mr Sheldon Adelson

The world’s largest casino operator missed analysts estimates as profit shrank amid a sharp decline in gambling at Sands China Ltd. The Hong Kong-listed company’s shares fell 4.9 percent to HK$29.05 by the close of trading Thursday, the lowest level in more than a month, even as Adelson bet Macau would see improvement from mass-market gamblers and tourists. In Singapore, casino revenue at Marina Bay Sands plunged 28 percent to $453.1 million in the first quarter, while mall revenue decreased 2 percent to $39 million, according to the parent company’s statement.  Hotel room revenue slipped 0.8 percent to $88.9 million, even as occupancy rose 3.1 percentage points to 97.9 percent.

Related Reports: Bloomberg, DealStreet Asia

About Las Vegas Sands Corp

In the 1990s, Las Vegas Sands TM (NYSE: LVS) created and introduced to the world an entirely new kind of travel destination: the Integrated Resort.  As one of the leading global developers of destination properties, unlike the other hotels on the Las Vegas Strip, we offer an array of high-end amenities and integrated them under one roof to provide the ultimate guest experience.  From sumptuous suites to plush meeting rooms, celebrity status night clubs, intimate lounges, headliner and resident shows, upscale gaming, ultra-relaxing spa services, a wide range of retail shops and award-winning cuisine, we created a self-sustained world of entertainment at each of our exquisite properties in Las Vegas, Bethlehem, Singapore and Macau.

Visit: Las Vegas Sands


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