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Sheldon Adelson Pulling Out of Vegas Looking to Sell Las Vegas Casinos and Convention Center

Venetian Las Vegas

With Sisolak’s ban on conventions and large events causing mass chaos throughout Las Vegas, a ban that is expected to push beyond 2020, it looks like Casino Mogul Sheldon Adelson is no longer betting on a quick Las Vegas recovery.

This week, US casino giant Las Vegas Sands Corp entered early discussions to sell off its Las Vegas casinos as part of a potential $6 billion deal that could spell major trouble for Las Vegas. The move would concentrate Sands’ casino portfolio entirely in Macau and Singapore, a move that many experts see as yet the latest sign that Las Vegas and it’s convention industry is in for some very rough times ahead.

The loss of conventions in the wake of Sisolak’s attack on Las Vegas contributed to a second quarter loss of almost $1 billion for Las Vegas Sands. Las Vegas Sands Corp last week reported a third-quarter loss of $565 million.

“Las Vegas cannot perform without (the) return of these segments,” said Las Vegas Sands President and COO Rob Goldstein in a July earnings call. “It cannot make money with limited hotel occupancy.”

“We’re in a world of hurt here in terms of Las Vegas,” Goldstein said. “I’ve never felt more gloomy than I do today about what’s happening in Las Vegas.”