Sheldon Adelson, it appears, is getting out of the casino business in the US after early discussions with potential buyers to acquire his Las Vegas businesses.
According to reports in both the Wall Street Journal and the South China Morning Post the Las Vegas Sands company is looking at selling the Venetian Resort Las Vegas, the Palazzo and the Sands Expo Convention Centre to raise some $6 billion.
Adelson is chairman, chief executive and majority shareholder of Las Vegas Sands, which has a market value of $37.5 billion.
Quoting sources close to the company the billionaire Sheldon Adelson is actively seeking a buyer for all his US casino operations and only wants to remain in Macau and Singapore at present.
Indeed in last years annual figures from Las Vegas Sands revenues showed that only 15% of the business derived from US operations where 63% came from Macau and 22% from Singapore.
Many believe the move is a smart one given the shrinking scale of the US casino industry. Also it is believed that the sale of the US business would allow Las Vegas Sands to consider other major development both at home and overseas.
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