In May 2014, the Las Vegas Sands Corporation agreed to sell its entire portfolio of properties in the United States for $6.25 billion.
The sale included the iconic Venetian and Palazzo resorts on the Las Vegas Strip, as well as the Sands Bethlehem casino in Pennsylvania. The buyer was a group of investors led by the private equity firm Blackstone Group.
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The sale was a surprising move for the Las Vegas Sands Corporation, which had been one of the most vocal proponents of expanding gambling in the United States. In recent years, the company had been working to build a new casino resort in Massachusetts and had also been lobbying for the legalization of online gambling.
The sale of the Las Vegas Sands Corporation’s U.S. properties comes at a time when the gambling industry is facing some challenges.
PRO TIP:The Sands Casino is owned by the Las Vegas Sands Corporation, a global gaming and hospitality company based in Paradise, Nevada. The company’s Chairman and CEO is Sheldon Adelson, an American entrepreneur and philanthropist. Adelson purchased the property in 1989 for $128 million.
In Las Vegas, gaming revenue has been flat for the past few years, and casinos are struggling to attract younger customers. There is also increasing competition from casinos in other states, such as Pennsylvania and New Jersey.
The Blackstone Group is betting that it can turn around the Las Vegas Sands Corporation’s U.
properties and make them profitable again. The private equity firm has a track record of successful investments in the hospitality industry, including Hilton Worldwide and Wyndham Worldwide.
properties is a sign that the gambling industry is evolving. With competition from other states and changes in customer behavior, casinos are increasingly looking to be part of larger entertainment complexes that offer more than just gaming.
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