Sands selling Las Vegas casino to bet big on Asia
- 4 years ago
Casino giant Las Vegas Sands is selling its world-famous Venetian casino in a $6.25bn (£4.5bn) deal to invest the money in its Asian businesses.
The sale comes just two months after the death of Sands chief executive and chairman Sheldon Adelson.
Sands will use the proceeds from selling the Venetian to expand its operations in Singapore and Macau.
The firm is currently building a London-themed resort in gaming hub Macau with the help of David Beckham.
Mr Adelson pushed hard into Asia and under his management revenue in Macau overtook that from its Las Vegas operations. He was involved in talks to sell the Las Vegas properties before he died.
"This company is focused on growth, and we see meaningful opportunities on a variety of fronts," said new chairman and chief executive Robert Goldstein.
"Asia remains the backbone of this company and our developments in Macau and Singapore are the centre of our attention."
Its Venetian complex includes the luxury Palazzo hotel and the Sands Expo Convention Center.
Source: BBC
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