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Las Vegas Sands mulling US$6b sale of Vegas casinos: source

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Casino operator Las Vegas Sands Corp is exploring a sale of its flagship casinos in Las Vegas in a deal that may bring in US$6 billion, a source familiar with the matter told Reuters on Monday.

[BENGALURU] Casino operator Las Vegas Sands Corp is exploring a sale of its flagship casinos in Las Vegas in a deal that may bring in US$6 billion, a source familiar with the matter told Reuters on Monday.

The properties included in the potential sale are Sands Expo Convention Centre, the Venetian Resort Las Vegas and the Palazzo, the source added, asking not to be identified.

Bloomberg reported earlier that Las Vegas Sands is working with an adviser to solicit interest from potential suitors.

In May, Sands ended plans to open an integrated resort (IR) casino in Japan without providing a reason for the cancellation of the project.

The gambling industry, which thrives on air travel and large groups of people in close proximity, is one of the hardest hit industries amid the ongoing coronavirus pandemic.

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As of June 30, the company had US$13.82 billion total outstanding debt, excluding finance leases.

Chairman and chief executive of the group, Sheldon Adelson, said in the second quarter that a "recovery process from the Covid-19 pandemic in each of our markets is now under way."

REUTERS

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