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Sands to Sell Las Vegas Assets to Focus on Asia in $6.25 Billion Deal
March 4, 2021
Las Vegas Sands will sell its Las Vegas casinos for $6.25bn to focus on Asia, particularly Singapore and Macau as stated in a press release. The group is also shortening its name to Sands with the exit from Las Vegas. Macau, known to be the largest gambling centre in the world accounted for 48% of the company’s revenues in 2020 and Singapore at 35%. “The deal further strengthens the company’s balance sheet to fund future growth in other domestic and global markets,” Jefferies analysts said. The group reported losses of $1.7bn in 2020 due to the pandemic as its cash and cash equivalents halved over the last one year to $2.12bn. Apollo Global Management Inc’s affiliate-managed funds will buy the operating company for $2.25bn and VICI Properties will buy the land and real estate assets for $4 billion. Sands China bonds were slightly lower – its USD 4.375% 2030s were down 1.23 to 107.67. Las Vegas Sands’ USD 3.2% 2024s were down 0.16 to 105.015.
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