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Las Vegas Sands in early talks to sell its properties in Las Vegas

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Posted at 4:03 PM, Oct 26, 2020
and last updated 2020-10-28 08:34:56-04

LAS VEGAS (KTNV) — A report in Bloomberg News says Sheldon Adelson's Las Vegas Sands Corp. is in talks to sell off its Las Vegas casinos.

A spokesperson for the company told 13 Action News:
"The company confirmed very early discussions have taken place, but nothing has been finalized."

This potential sale would be a triple property whammy that would include the Sands Expo Convention Center, The Venetian and The Palazzo.

13 Action News Financial Expert Steve Budin says the the company could feel that the properties are at maximum value and they now want to get top dollar for it.

“These properties are trophy properties, they’re in great locations, there’s a lot of development going on so whoever buys the properties will have something great to work with,” says Budin.

On Monday, Nevada Gov. Steve Sisolak announced he was working on a plan to increase convention capacity to 50% by the beginning of 2021.

Continued COVID-19 woes could be playing a role in this sale, as Las Vegas Sands is one of the only casino operators to continually pay employees throughout the pandemic.

RELATED: Las Vegas Sands continues to pay employees until Oct. 31 during pandemic

This likely won't be the end of the road for the Sands Corporation, and owner Sheldon Adelson may be looking to expand his international prospects.

“Macau is coming back, Singapore is coming, back maybe they’re looking into other Asian countries, and this sale will generate cash that will allow them to do that,” says Budin.

Budin says in the past, companies tend to keep casino employees as they bring knowledge of their guests and systems as they transition to new owners.