The company operates the Venetian and Palazzo resorts on the Las Vegas strip, plus the Sands Expo Convention Center. A deal to sell all three could rake in as much as $6 billion, leaving the company to focus on its glitzy properties in Singapore and Macau, according to multiple news reports.
Sands’ US properties accounted for just over 13% of its revenue last year. The company confirmed to several outlets that it’s in “very early discussions” about a possible sale.
Sands didn’t immediately respond to CNN Business’ request for comment. Bloomberg first reported the shakeup late Tuesday.
Sands reported a revenue drop of 82% in its third-quarter earnings last week. Adelson said that the “recovery process from the Covid-19 pandemic continues to progress in each of our markets.”
Las Vegas has reopened, but with few conventions, total visitor volume has dropped nearly 60% in August compared to the same month a year ago, according to the city’s tourism department.