![]() ![]() Some industry analysts also expect Sands will use the proceeds from the sale to push more aggressively into online gambling, something Adelson had once lobbied against. Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention.” This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Adelson’s legacy while starting a new chapter in this company’s history. “As we announce the sale of The Venetian Resort, we pay tribute to Mr. “The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry,” said Chairman and CEO Robert Goldstein. Sands said Wednesday that Asia is where the company’s focus will remain. Operations in Asia quickly outgrew those in the U.S. Sands expanded to Macao, the only place in China where casino gambling is legal, where Adelson directed his company to build land where there wasn’t any, piling sand up to create the Cotai Peninsula. Getty ImagesĪfter explosive growth in Las Vegas, Adelson turned his eye to Asia. Sheldon Adelson at The Palazzo Las Vegas in 2008. He recognized that the real potential was not on the casino floor, as it was in the 1960s, but at the hotels, resorts and convention centers that surround them. The sale comes just two months after the death of Adelson, who transformed the landmark Las Vegas casino that was once a hangout of Frank Sinatra’s Rat Pack into a towering Italian-inspired complex.Īdelson reframed the target audience in Vegas, focusing on conventioneers and even families. The company posted a quarterly loss of almost $300 million in January. Sales growth vanished last March as infections spread across the U.S. ![]() The global pandemic broadsided Las Vegas, shuttering the Strip where Las Vegas Sands has been the biggest operator for years. And Apollo Global Management will acquire the operations of the Venetian for $2.25 billion. Under the two-part deal announced Wednesday, VICI Properties will buy the casino and resort and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion. Under Adelson, the company’s focus turned to Asia years ago, where revenue eventually outpaced even the operations on the Las Vegas Strip. The name of the Venetian, the expo center as well as the Palazzo, the Sands’ luxury casino and resort that is part of the same complex, will remain, and the company’s headquarters will stay in Las Vegas.īut the company led by Sheldon Adelson until his death this year will effectively cease U.S. Las Vegas Sands is selling the iconic Venetian casino resort and its Sands Expo and Convention Center for $6.25 billion, withdrawing from gambling operations on the Las Vegas Strip after changing the nature of the casino business there and just about everywhere else. Mets owner spotted with Hochul at Citi Field as casino bid loomsįunny how Kathy Hochul’s decisions keep serving hubby Bill’s interests ![]() NYC casino bids add up to an endless sleazy-go-round The deal was completed in February 2022.Hochul’s secrecy over new Seneca gaming deal suggests something shady The convention center was renamed the Venetian Expo. Vici acquired the real estate, and Apollo took over operations. In 2021, Las Vegas Sands sold the Venetian-Palazzo complex, including the Sands Expo, to Vici Properties and Apollo Global Management. In 2020, the convention center served as the filming location for the twelfth season of Shark Tank. This expansive convention center spans 2.25 million square feet and has hosted notable events such as the Consumer Electronics Show, the Adult Entertainment Expo, and the Global Gaming Expo. An expansion was completed in 2003, and a renovation occurred a decade later, incorporating new carpeting, lighting, and motion sensors in line with environmental initiatives. Since then, the Sands Expo has played a vital role in establishing Las Vegas as a leading destination for conventions. It became the largest privately owned convention center in the US and the second-largest globally.įollowing the closure of the Sands Hotel in 1996, the Venetian resort was established in its place three years later. On November 9, 1990, the Sands Expo officially opened, hosting the COMDEX computer trade show. Developed by Las Vegas Sands, groundbreaking took place on November 12, 1989. In October 1989, the Sands Hotel got approval for a massive convention center, spanning 1.1 million square feet. It forms a part of the Venetian and Palazzo resort complex. Situated in Paradise, Nevada, near the renowned Las Vegas Strip, the Venetian Expo, also referred to as the Venetian Convention and Expo Center serves as a prominent convention venue. ![]()
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