Casinos Changing Owners Over the Next Few Months
The way things are going there are going to be a lot of Casinos Changing Owners over the next few months and years. The COVID-19 pandemic has taken its toll on the land-based US casino industry over the last few months. From the casinos in Atlantic City to the Las Vegas Strip. Corona virus restrictions and a lack of visitors have resulted in a severe downturn in revenue. This has arguably drained many smaller casinos dry. At this time of strife, it is no surprise to see that some US brick-and-mortar casinos could be on the way out, while others are set to change hands.
Las Vegas Sands Casinos Changing Owners
The world-renowned Las Vegas Sands could be the first major business to close its doors on the Las Vegas Strip. Like the Wynn Group, owner Sheldon Adelson now sees his company’s future in Asia. Sands already have activities in Macau, and the Far East. Furthermore it is widely thought that Las Vegas Sands’ properties up and down Vegas are up for sale.
These properties are rumored to include the famous Venetian and Palazzo casinos. In addition to the Sands Expo Convention Center. It is believed that Adelson wants to raise around $2.2 billion to invest in his Asian enterprises. With many competitors keeping a grasp on the purse strings, buyers seem to be coming up short.
Other Casino Business Look Online
While Las Vegas Sands appears to be interested in moving out, MGM Resorts appears to want to expand. However, the famous brand is not remotely interested in snapping up LVS’ famous casinos. Instead, MGM is making moves to launch online casinos in all manner of US states. Last month, a flurry of states started to legislate and legalize online gambling. Giving MGM the ideal opportunity to move their business online during this difficult period.
Rumors are Rife Concerning Caesar’s Post-COVID Plans
Elsewhere, Caesars’ has suffered a setback as it tries to take over British sportsbook, William Hill. Caesars wanted to complete the transaction in a bid to boost its own online gambling profile in the US. Sadly the shareholders have rejected the offer. Leaving Caesars with a tough decision to make about its online operations.
The gambling giant has also been linked with the Venetian and Palazzo casinos that Las Vegas Sands seems to want to discard. However, rumors that Caesars intends to expand its land-based presence are yet unproven. Especially as the group sold a variety of casinos to Twin River this month in a $20 million deal.
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