Skip to main content
×
Blacklisted Listed News Logo
Menu - Navigation
Menu - Navigation

Cited Sources

2nd Smartest Guy in the World
2nd Amendment Shirts
10th Amendment Center
Aaron Mate
Activist Post
AIER
Aletho News
Ammo.com
AmmoLand
Alliance for Natural Health, The
Alt-Market
American Free Press
Antiwar
Armstrong Economics
Art of Liberty
AUTOMATIC EARTH, The
Ben Bartee
Benny Wills
Big League Politics
Black Vault, The
BOMBTHROWER
Brandon Turbeville
Breaking Defense
Breitbart
Brownstone Institute
Burning Platform, The
Business Insider
Business Week
Caitlin Johnstone
Campus Reform
CAPITALIST EXPLOITS
Charles Hugh Smith
Children's Health Defense
CHRISTOPHE BARRAUD
Chris Wick
CIAgate
Citizen Free Press
Citizens for Legit Gov.
CNN Money
Collective Evolution
Common Dreams
Conscious Resistance Network
Corbett Report
Counter Signal, The
Cryptogon
Cryptome
Daily Bell, The
Daily Reckoning, The
Daily Veracity
DANERIC'S ELLIOTT WAVES
Dark Journalist
David Haggith
Defense Industry Daily
Defense Link
Defense One
Dennis Broe
DOLLAR COLLAPSE
DR. HOUSING BUBBLE
Dr. Robert Malone
Drs. Wolfson
Drudge Report
Economic Collapse, The
ECONOMIC POPULIST, The
Electronic Frontier Foundation
Ellen Brown
Emerald Robinson
Expose, The
F. William Engdahl
FAIR
Farm Wars
Faux Capitalist
FINANCIAL REVOLUTIONIST
Forbes
Foreign Policy Journal
FOREXLIVE
Foundation For Economic Freedom
Free Thought Project, The
From Behind Enemy Lines
From The Trenches
FUNDIST
Future of Freedom Foundation
Futurism
GAINS PAINS & CAPITAL
GEFIRA
Geopolitical Monitor
Glenn Greenwald
Global Research
Global Security
GM RESEARCH
GOLD CORE
Grayzone, The
Great Game India
Guadalajara Geopolitics
Helen Caldicott
Homeland Sec. Newswire
Human Events
I bank Coin
IEEE
IMPLODE-EXPLODE
Information Clearing House
Information Liberation
Infowars
Insider Paper
Intel News
Intercept, The
Jane's
Jay's Analysis
Jeff Rense
John Adams
John Pilger
John W. Whitehead
Jonathan Cook
Jon Rappoport
Jordan Schachtel
Just The News
Kevin Barret
Kitco
Last American Vagabond, The
Lew Rockwell
Le·gal In·sur·rec·tion
Libertarian Institute, The
Libertas Bella
LIBERTY BLITZKRIEG
LIBERTY Forcast
Liberty Unyielding
Market Oracle
Market Watch
Maryanne Demasi
Matt Taibbi
Medical Express
Media Monarchy
Mercola
Michael Snyder
Michael Tracey
Middle East Monitor
Mike "Mish" Shedlock
Military Info Tech
Mind Unleashed, The
Mint Press
MISES INSTITUTE
Mises Wire
MISH TALK
Money News
Moon of Alabama
Motherboard
My Budget 360
Naked Capitalism
Natural News
New American, The
New Eastern Outlook
News Deck
New World Next Week
Nicholas Creed
OF TWO MINDS
Off-Guardian
Oil Price
OPEN THE BOOKS
Organic Prepper, The
PANDEMIC: WAR ROOM
PETER SCHIFF
Phantom Report
Pierre Kory
Political Vigilante
Public Intelligence
Rair
Reclaim The Net
Revolver
Richard Dolan
Right Turn News
Rokfin
RTT News
Rutherford Institute
SAFEHAVEN
SAKER, The
Shadow Stats
SGT Report
Shadowproof
Slay News
Slog, The
SLOPE OF HOPE
Solari
South Front
Sovereign Man
Spacewar
spiked
SPOTGAMMA
Steve Kirsch
Steve Quayle
Strange Sounds
Strike The Root
Summit News
Survival Podcast, The
Tech Dirt
Technocracy News
Techno Fog
Terry Wahls, M.D.
TF METALS REPORT
THEMIS TRADING
Tom Renz
True Activist
unlimited hangout
UNREDACTED
Unreported Truths
Unz Review, The
VALUE WALK
Vigilant Citizen
Voltaire
Waking Times
Wall Street Journal
Wallstreet on Parade
Wayne Madsen
What Really Happened
Whitney Webb
winter oak
Wolf Street
Zero Hedge

Leaving Las Vegas? Sheldon Adelson Explores $6BN Sale Of Vegas Casinos

Published: October 27, 2020 | Print Friendly and PDF
  Gab
Share

Source: ZeroHedge

In the latest sign that Las Vegas' services and hospitality sector-focused mostly on the gambling industry - is experiencing long term economic scarring, Sheldon Adelson, known for decades as the biggest player in the gambling hub, is reportedly pulling out.

Sources told Bloomberg that Adelson's Sands is shifting concentration to Asian gaming markets and is seeking an exit from U.S. casino operations. Sands has hired an advisor to prepare Venetian Resort Las Vegas, the Palazzo, and the Sands Expo Convention Center for a $6 billion sale.

Aside from gambling, Adelson is known as a major booster of the GOP, and recently agreed to shell out millions to support Trump's bid for the White House after a troubling period of reticence.

The sale would position Sands' as a pure gaming play in Asia, concentrating its casino portfolio primarily in Macau and Singapore. Bloomberg notes, "the U.S. was already a small and shrinking part of his business, accounting for less than 15% of revenue last year."

"The growing insignificance of the U.S. market explains to you why Las Vegas Sands is looking to offload their U.S. properties," said Ben Lee, a Macau-based managing partner at IGamiX. "It is 15% of revenue but 80% of regulatory pain and burden."

Last week, Sands reported third-quarter earnings showing the company could be approaching break-even in Macau, the world's biggest gambling market. Still, Vegas operations continued to drag as indoor capacity remained limited, and consumers stayed away from indoor spaces as daily U.S. virus cases marched higher.

Sands' decision to sell Vegas operations at depressed valuations, smack dab in a virus pandemic amid collapsed fundamentals for the tourism and gaming industry only means one thing: "It's only getting worse," as we noted Monday evening on Twitter.

How much worse?

Las Vegas economic analyst Jeremy Aguero recently warned Vegas' economic recovery could take 18 and 36 months. Just weeks ago, Encore at Wynn Las Vegas, the gaming hub's largest casino, reduced operating hours as the "V-shaped" recovery narrative for the gambling hub has faltered into fall.

This all could mean that Adelson sees more downside for U.S. gambling markets as Asia recovers more swiftly. Adelson's potential sale could be the catalyst that triggers a firesale across the Vegas Strip.

TOP TRENDING ARTICLES


PLEASE DISABLE AD BLOCKER TO VIEW DISQUS COMMENTS

Ad Blocking software disables some of the functionality of our website, including our comments section for some browsers.


Trending Now



BlackListed News 2006-2023
Privacy Policy
Terms of Service