Leaving Las Vegas

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by , 10 March 2021 at 2:23 pm (138 Views)

Just when you think things can’t get any stranger for gambling news, the Sands sells The Venetian and The Palazzo casino resorts, along with their Sands Expo Center! And in a year of pandemic challenges for the gambling industry, there is still good news and reason for hope.

The leader of the Las Vegas Sands Corporation, Sheldon Adelson, passed away in January. Almost immediately afterward, the new CEO announced he was taking the company in a whole new direction: The direction of online gambling. That came as quite a surprise to many in the industry considering that Mr Adelson had spent years pouring much of his energy and millions of his dollars into fighting against internet betting. But it wasn’t as surprising as what came next.

Now, all bets are off (so to speak) as the company has decided to go in a whole new direction. An opposite direction, by by leaving Las Vegas and Nevada (and pretty much all of America). Even though the company is still headquartered in Sin City they no longer have any properties there. The Sands sells The Venetian and Palazzo casinos (along with their Sands Expo Center) for $6.25 billion. And believe it or not, there is a positive way to look at the this.

You see, those casinos and the expo center were purchased by Apollo Global and Vici Properties… both investment companies. And that means that when it comes to Las Vegas making a comeback and recovering from this pandemic, these two investment companies are willing to risk a $6 billion investment!

And now it looks as if that comeback could begin sooner rather than later, as the first round of COVID vaccinations for Vegas casino workers have been announced. And if all goes well, that immunization process could start as soon as next week! So you see, things are looking up for 2021 despite the Sands sells The Venetian and Palazzo, and despite the rough start to the year. And for those of you out there who love the Venetian or the Palazzo, I wouldn’t be too worried. So far there has been no indication that the new owners want to change a thing.