Venetian, Palazzo and Sands Expo Convention Center Reportedly Up for Sale

Just when you thought 2020 couldn’t possibly be jam-packed with any more WTF, Las Vegas Sands—owner of Venetian, Palazzo and the Sands Expo Convention Center—is reportedly exploring a sale of these beloved fixtures on the Las Vegas Strip.

Deep breaths.

According to Bloomberg, Las Vegas Sands owner Sheldon Adelson is focusing on his true moneymaker, Asia, so he’s looking for a potential buyer for Venetian, Palazzo and the convention center.

The estimated asking price for these gems? About $6 billion.

Venetian Palazzo

We love certain kinds of change, but we’re not sure this is one of those.

Big picture, this makes a lot of sense for Sheldon Adelson, but that doesn’t make it any less upsetting.

We’re personally upset because Bloomberg reported this story before us, and we’ve broken the news of pretty much every Las Vegas casino sale in the last seven years. But it doesn’t always have to be about us. Probably.

It’s also upsetting because this potential sale says a lot. As Adelson looks to Macau and Singapore, he’s taking his eyes off Las Vegas.

Venetian Las Vegas gondola

Mr. Adelson, all due respect, but now may not be the best time to rock the boat.

It doesn’t take Sheldon Adelson’s keen foresight to see the convention business in Las Vegas isn’t coming back full force anytime soon, and that has been the bread and butter for Las Vegas Sands.

Las Vegas doesn’t really work without conventions, and things have been looking undeniably bleak due to the pandemic.

Adelson’s U.S. business only accounts for 15 percent of the company’s total revenue, so a sale won’t really move the needle for the bajillionaire one way or the other.

A sale could move the needle for fans of Venetian and Palazzo, however.

These hotels are reliably ranked two of the best in Las Vegas, and a change of ownership could mean a giant question mark for visitors.

Also a question mark is what happens to the MSG Sphere if Las Vegas Sands sells its casino and convention center.

MSG Sphere

Las Vegas Sands donated land for this new entertainment venue. So many questions.

Another aspect of a potential sale: Sheldon Adelson owns the Las Vegas Review-Journal. If he sells off his other business interests in Las Vegas, does he need to own a newspaper? Yes, there are still newspapers! Don’t be a smartass.

Another juicy question: If Sheldon Adelson sells off Venetian and Palazzo, what happens to his 12-plane whale delivery system and terminal at McCarran airport?

Bloomberg says the discussions of a sale are “very early” and the deal has not been finalized.

We’re actually a little unclear who might be in a position to buy these casinos at the moment.

While we love the drama of a casino sale (or two), we’re sort of secretly hoping Sheldon Adelson keeps “exploring” well into 2021 or beyond.

23 thoughts on “Venetian, Palazzo and Sands Expo Convention Center Reportedly Up for Sale

  1. FYMYAWF

    As much as I’m a vehement foe of the guy’s politics, it has to be said that, as you stated, he and his team run a very special resort complex. I adore V/P and would hate to see it diminished in any way, even if it would be in the long term.

    I’ve made a lot of true friends of some of the staff there, and hope in any sale they would be safe from a restructuring/downsizing of the type El Dorado seems to be doing with CET.

    V/P is a gem, no matter who ends up running the ship I hope they realize and preserve that.

    Reply
  2. Mark

    I’ve stayed in neither, and don’t know anything about his convention side.
    That said, it seems these two hotels have aged well. I like Sheldon, and hope he does well. Market value can only go up, assuming Vegas is on a recovery.

    Reply
  3. Boulder Steve

    Some people have a problem with his politics and in particular his support of President Trump. All I care about is how he runs the Business and treats his employees. He took better care of his employees during the closure than any of the other large hotels. I’m sure they hopevhe doesn’t sell

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  4. Andrew

    Given that this is a company that makes most of its money in Asia this is an extremely bad sign for Las Vegas. They could shut down one of the two properties and operates at minimum rooms inventory on another,but since convention business is dead not sure this would be a smart thing to do aswell. Asia is safe from virus now,I wouldn’t be surprised to see Wynn or MGM do the same. In the meantime we will all see Caesare become more and more the Walmart of gambling…
    As of Adelson I don’t like him at all,but he distinguished himself from other operators for the way he took care of its staff during pandemic.

    Reply
    1. JerryW

      >Given that this is a company that makes most of its money in Asia this is an extremely bad sign for Las Vegas.

      theyve always been an asia-focused company. LVS owns 9 casinos, of those only 2 are in the USA. they also own 5 non-casino hotels in Macau too.

      Reply
  5. Mike Alexakis

    None of us can claim we know the motives of Mr. Sheldon Adelson, he is an enigma… Why does he support Jewish charities lavishly while at the same time lavishly support a right wing cabal that promotes Qanon, which openly spouts Anti-Semitism? I am Jewish, it puzzles and confounds me. And like it was mentioned above, Adelson took very good care of his workforce during the beginning of the pandemic, I guess we just have to fasten our seat belts and prepare for turbulence, the power brokers make the moves, us little people are like Mongo, pawns in the game of life…

    Reply
    1. Be honest

      Ben Shapiro is Jewish too. I wonder what side he supports? The right wing doesn’t promote the Qanonz. That is pure fabrication in your head.

      Reply
      1. What??

        The president retweets Q anon garbage and the GOP is supporting a republican candidate in GA who is an avid Q supporter. Is that not promotion?

        Reply
        1. Face palm!

          Making people aware is not promoting anything. If I said don’t buy that guys fish because it’s toxic, would I be promoting it?

          Reply
          1. What??

            Except he didn’t say don’t believe Q anon. Trump’s amplifying their garbage by rebroadcasting it without any negative commentary to his tens of millions of twitter sycophants. He’s also never once said one negative word about the Q crazies but has said many positive things.

            Believe what you want, but that’s the truth.

      2. Mike Alexakis

        Ben Shapiro is not a shy man, its real easy to look him up and see for yourself what his various positions are, even though in this context it is wildly off topic… As for your assertion about what is in my cranium, even Nurse Ratched could not figure it out, her and Mr. Cheswick conferred with Blofeld and Billy Bibbit and came up empty… Ask the Chief…

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      3. John Briggs

        Unfortunately, there is no right wing or Republican party. You now have the Dark Charisma of Donald Trump and the cult party of Trump.

        Reply
  6. Concerned Local

    This is simply a “tell” about their take on the future of conventions in Las Vegas. That is the scary part. As for the properties themselves, assuming the right group acquires them, it could be a boon to those who wish to visit. V and P are very nice properties in many ways but not the most dynamic or creative. Personally, I look at them as two glitzy barns for drunken conventioneers, in contrast to the truly wonderful Wynn properties nearby.

    Reply
  7. James K

    I haven’t set foot in V/P since Adelson threw millions of dollars to congressmen to help shutdown online poker in the US.

    Reply
  8. John Briggs

    It’s astonishing. You would think that a business person like Adelson that needed visitors and conventions to his properties would be somewhat reluctant about pouring huge sums sums of money backing a president that’s clueless and surrounds himself with clueless yes people that can’t get a handle on this pandemic to get things heading back to normal..And these are decision making Billionaires ?

    Reply
    1. Mike Alexakis

      Why do NFL team owners give millions and millions to Trump, who openly calls for fans to boycott the NFL over one player kneeling during the National Anthem to protest police brutality… Very similar to the Sheldon Adelson situation, its just confounding. When the statement was made that “there were fine people on both sides”, one of those “sides” were Neo-Nazi’s, yet Adelson still donates hundreds of millions to them. The Venetian needs foot traffic to exist and thrive, if Adelson thinks taking away peoples health insurance and suppressing their votes is the ticket to people vacationing in Las Vegas he is nuts if you ask me…

      Reply
        1. ChuckD

          The faster that guy sells his Vegas properties the better. I haven’t stepped foot in the Venetian or Palazzo since he first propped up Trump in 2016.

          Reply
    1. WW626

      Talk about TDS but it’s not at all weird that some grown men are so infatuated with another 74 year man with fake hair and a fake tan. There’s a lot of deeply hidden tendencies among that crowd. Not that there’s anything wrong with that.

      Reply
  9. Mike Alexakis

    I would say its a Sheldon Adelson thread, a thread about a man who spends hundreds of millions of dollars donating to right wing politicians, and now he intends to sell his American casinos so he can concentrate on his China investments… Mr Adelson must be bullish on China, but the United States, not so much… We all love Las Vegas, it’s my number one, I can’t imagine quitting on it for China, I guess Sheldon Adelson has different views and intentions. Maybe someone should ask Mr Adelson just what it is about China that motivates him to consolidate all his holdings there…

    Reply
  10. Elizabeth Bonilla

    His hotels are beautiful. We know many across the country that go and stay only there because of way the staff treats you. We only stay at those hotels. We can not imagine it would be the same if they are sold. I get why he would sell them, it seems logical to me. He saw how long it took things to come back when the market dropped before, sounds like he wants to pursue other things and not wait for it to come back.

    Reply

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