Vegas News March 7, 2021
Venetian Sold
Let’s start the weekly Vegas News roundup with a short story about a big deal. This week Las Vegas Sands (LVS) sold all of its properties (aka “Venetian Sold”) in Sin City. The company is now just “Sands” since it has no more businesses in Las Vegas. The deal happened early in the week so I’m not going to get too deep. You can read the press release here.
While Sands has left Las Vegas, I don’t think it’s leaving the US entirely. The company says it will explore brick-and-mortar casinos and online gambling in larger US markets. Texas and New York are targets for casinos. Any state with legal online casinos or sports betting will also be targeted for the company to maximize revenue and profit.
Venetian Sold – Sands Departs Vegas – Good For Vegas?
The idea makes sense for Sands which sees most of its business come from casinos in Asia anyway. Las Vegas has always seemed like an afterthought for the corporation. That’s why I rarely listen to the LVS earnings calls. It appears as though stock analysts think this is good for Las Vegas as a whole.
In January we looked at the possibility of Hard Rock buying The Venetian alone or with a partner. Well, Hard Rock didn’t end up being the buyer of Venetian but the idea of two buyers was on point. VICI now owns Venetian’s real estate. Apollo – and its affiliates – owns the operations of the casinos, hotels, and convention center.
Don’t Expect Changes Too Quickly
The deal should close in a few months. Don’t expect any changes before the summer. That’s if there are changes. On a personal level, I’d love to see better gambling options at a casino that’s home to so many delicious restaurants.
As I mentioned on the monthly chat (ZorkCast-Live) this week, I’m a big fan of Major Domo at The Palazzo and Yardbird at The Venetian. Buddy V’s in the Canal Shoppes has solid food at fair prices too. There are plenty of good dining options at Venetian/Palazzo.
I’ve visited the casinos often over the years but rarely gamble there. In fact, I think the last time I spent money in the casino was when Fortune Cup was first introduced. Damn, that was almost four years ago! Time flies when you’re having fun.
I’m sure there will be rumors floated about the future of The Venetian. Let’s keep our eyes peeled for anything that looks like it might be legit. In the meantime, there’s much more Vegas News this week.
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Las Vegas Quick Hits
Las Vegas Quick Hits
- The Las Vegas Motor Speedway sold all of its tickets for the Penzoil 400. Only 20% of tickets were available but selling out the first event since coronavirus hit Las Vegas is a good thing. A local NASCAR driver, Kyle Busch, drove a car with the Ethel M paint job above. You can read about it here.
- Clorox is now the “Official Guest Disinfectant and Hand Sanitizer Brand of MGM Resorts.” Read more here.
- Speaking of MGM Resorts, the casino operator is the sponsor of a golf event coming to Las Vegas. Read more here.
- Estiatorio Milos is opening at The Venetian on March 16. Read more here.
- The capacity restriction will be increased to 50% for casinos, restaurants, and bars just in time for March Madness. That’s good for businesses. It seems like Las Vegas will be closer to normal for the wrap-around weekend of basketball than it was for the Super Bowl. Read more about it here.
- Circa Sports will be opening a satellite sportsbook (similar to Golden Gate) at Tuscany in time for March Madness. This is a good excuse to visit the fantastic Pub 365 and drink all of the beer. Oh yeah, the other Circa Sports properties have March Madness parties if you’re looking.
- You can now sit closer to the stage at shows in Vegas. Evidently, this is a big deal. Read more here.
- IGT and Scientific Games signed a deal for cashless gaming. This seems like a deal that might appeal to bigger casino operators on the Vegas Strip and around the country. Read more here.
- Resorts World is starting to announce more venues inside of the casino slated to open this summer. There’s going to be another bar from Clique Hospitality and an outlet for Wally’s World Wine from California.
- On the topic of Resorts World, the casino will allow smoking.
- 1923 Prohibition Bar at Mandalay has live entertainment again. Read more here.
- The Pac 12 will hold its basketball championships in Las Vegas. Even though T-Mobile is selling 2,600 tickets for Golden Knights games, they aren’t selling tickets for the hoops tournament. Read about the latter here.
- The Barrett-Jackson auction is moving from Mandalay Bay to the Las Vegas Convention Center when it returns to Vegas in June. Read more here.
- Tickets are now available for Life Is Beautiful. The festival is scheduled to take place in September. Read more here.
- Drive-thru pot stores are now legal. You still can’t legally smoke the good stuff inside of casinos. Read more here.
- A ticketing conference is returning to Aria in August. It might not be a huge event but these smaller conferences are good business for the host venues. Read more here.
- The Las Vegas Aviators are now set to begin the season on May 6. Ticket details haven’t been released yet. Read more here.
- The construction and traffic on the north end of the Vegas Strip is moving to the south end. Read more here.
- Is Caesars going to build a Bellagio in Virginia? Read about it here.
FAQ – Vegas News – Venetian Las Vegas Sold
Yes, On March 3rd, 2021 it was announced that Las Vegas Sands (LVS) sold all of its properties (aka “Venetian Sold”) in Sin City. This includes The Venetian and The Palazzo Las Vegas. The company is now just “Sands” since it has no more businesses in Las Vegas.
Las Vegas Sands owned Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, “The Venetian”) .
Las Vegas Sands Corp. (NYSE: LVS) announced on March 3rd, 2021 that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, “The Venetian”) for an aggregate purchase price of approximately $6.25 billion.
Marc grew up on the mean streets of the South Bronx. He's the rare combination of Yankees and Jets fan which explains his often contrarian point of view. He learned about gambling at a young age working down the street from a bookie who took action on anything from the mainstream sports to the last three digits of the purse for certain horse races. Yeah, that's a thing. Today Marc is a freelance writer and social media consultant which allows him to work anywhere there's a wifi signal. This allows him to work from the sportsbook at Red Rock Resort or the food court at The Venetian where you’ll find fast and free wifi. Writing about steak, booze, gambling and Las Vegas is a tough job but somebody has to do it.
