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Las Vegas Sands mulling $6 billion sale of Vegas casinos: source

FILE PHOTO: The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama, Japan January 29, 2020. REUTERS/Kim Kyung-Hoon

(Reuters) – Casino operator Las Vegas Sands Corp is exploring a sale of its flagship casinos in Las Vegas in a deal that may bring in $6 billion, a source familiar with the matter told Reuters on Monday.

The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo, the source added, asking not to be identified.

Bloomberg reported earlier that Las Vegas Sands is working with an adviser to solicit interest from potential suitors.

In May, Sands ended plans to open an integrated resort (IR) casino in Japan without providing a reason for the cancellation of the project.

The gambling industry, which thrives on air travel and large groups of people in close proximity, is one of the hardest hit industries amid the ongoing coronavirus pandemic.

As of June 30, the company had $13.82 billion total outstanding debt, excluding finance leases.

Chairman and chief executive of the group, Sheldon Adelson, said in the second quarter that a “recovery process from the COVID-19 pandemic in each of our markets is now under way.”

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