Sheldon Adelson Reportedly Looking to Sell $6 Billion Las Vegas Casinos

Business Politics U.S.

Gambling magnate Sheldon Adelson is reportedly looking to sell his $6 billion Sands Las Vegas casino empire.

Adelson is reportedly shifting his company’s concentration to gaming markets in Asia. The company has hired an adviser to prepare Venetian Resort Las Vegas, the Palazzo and the Sands Expo Convention Center for sale.

The sale would make Sands almost entirely an Asian operation, with assets located primarily in Macau and Singapore.

“The growing insignificance of the U.S. market explains to you why Las Vegas Sands is looking to offload their U.S. properties,” said Ben Lee, a Macau-based managing partner at IGamiX. “It is 15% of revenue but 80% of regulatory pain and burden.”

In addition to being a gambling tycoon, Adelson is also a major booster of U.S. politicians. After initial reluctance, he agreed late this year to significantly contribute to the reelection campaign of President Trump.

Photo by Union20

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