Gaza Las Vegas is slowly waking up after nearly 80 days of sleep due to the coronavirus crisis.


LAS VEGAS – Las Vegas Sands Corp. is considering selling its two hotel casinos to The Strip, the company confirmed in the Reno Gazette Journal on Monday.

Discussions have taken place, spokesman Ron Reese said in an email, but nothing has been finalized.

The $ 37.5 billion company, owned by casino mogul Sheldon Adelson, is working with an adviser to seek interest from potential buyers, according to Bloomberg.

The deal could be worth $ 6 billion for Venetian and palace resorts.

The news of the potential sale comes at a time when properties on the Las Vegas Strip are struggling to attract visitors due to the consequences of the COVID-19 trip.

Las Vegas Sands Corp. last week reported a loss of $ 565 million for the third quarter, after reporting a profit in the same quarter last year. Following the Bloomberg report, the company’s shares jumped more than 3%.

“We are in a world of injury”

The disappearance of conventions after COVID-19 contributed to a second-quarter loss of nearly $ 1 billion for Las Vegas Sands.

“Las Vegas cannot perform without (the return) of these segments,” said Las Goldstein, president and chief operating officer of Las Vegas Pends, in a call for profit in July. “He can’t make money with limited hotel employment.”

Las Vegas Sands reported a loss for the second quarter of $ 985 million due to the coronavirus pandemic – a decline of 97.1% over last year. The company recorded a net profit of $ 1.11 billion in the second quarter of 2019.

The pandemic essentially transformed Las Vegas from a global destination into a regional gambling hub dependent on “driving” business, Goldstein said.

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“Here we are in a world of pain for Las Vegas,” Goldstein said. “I’ve never felt more gloomy than today about what’s happening in Las Vegas.”

The company is optimistic about a faster recovery in Macau, China, but Goldstein said he was “pessimistic” that the convention and big group business would return to southern Nevada before 2021.

Adelson, the 87-year-old billionaire and CEO of Las Vegas Sands Corp., said government officials must first ease employment restrictions before the exhibition and convention industry returns.

Adelson: The richest man in Nevada

With a net worth of $ 41.4 billion, Adelson is the richest man in Nevada and one of the 20 richest people in America.

Its Las Vegas Sands Corp. is one of the largest casinos and resort companies in the world with the Venetian and palace resorts on the Strip and the winning casinos in Macau.

Adelson and his wife Miriam are the most famous financial supporters of GOP. They contributed more than $ 123 million to conservative politicians in the 2018 election cycle – more than any other US citizen.

Contribution: Associated Press.

Ed Komenda writes for Las Vegas for the Reno Gazette Journal and the USA Today Network. Do you hold on to democracy? Then support local journalism by subscribing to the Reno Gazette Journal right here.

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