It is no secret in the world of online gambling that Venetian and Palazzo owner, billionaire Sheldon Adelson, is looking for a buyer for a portion of his casino assets. The question is who are the potential buyers of the Venetian and Palazzo at the advertised price of $ 6 billion?
Vital Vegas reported the news that Hard Rock International is one of the potential buyers along with MGM Resorts. Although the information has not been confirmed, the fact is that whenever a casino is for sale, rumors spread quickly. Especially the sale of Venetian and Palazzo, which will be a big rage in the gaming world.
Hard Rock and MGM two potential buyers
Hard Rock Hotel and Casino Las Vegas closed in February 2020. The goal was to make way for Virgin Hotels Las Vegas. In May 2020, Hard Rock International purchased the rights to use its Hard Rock brand to establish a hotel and casino in Las Vegas. Later in the year he released Hard Rock Digital.
There were many rumors involving Hard Rock International in numerous casino purchases. But the company appears to have no intention of returning to the Las Vegas Strip.
Meanwhile, MGM Resorts has accumulated a significant amount of debt, more than $ 11.3 billion, but the company is still trying to sign the deal with Entain, offering $ 11 billion to the British gaming company. The offer was rejected. The explanation was that the price was too low and undervalued the company. Entain management stated that the door was still open for discussion between the two companies.
After Barry Diller’s IAC involvement, MGM Resorts made a significant amount of money, meaning they can afford to buy Venetian and Palazzo even though the asking price is $ 6 billion.
The agreement for Venetian and Palazzo would also include the Sands Expo Convention Center. Those two properties are considered some of Las Vegas’ premium casino complexes.
There is no further confirmation of the names of potential buyers. Vital Vegas tried to contact the two potential buyers, but to no avail.
Palazzo is an award-winning luxury hotel and a significant part of the Venetian casino complex, located on the Las Vegas Strip in Paradise, Nevada. The hotel complex is the tallest building completed in Nevada.
Venetian and Palazzo are owned by the Las Vegas Sands Corporation, owned by Sheldon Adelson. His main objective at the moment is to legalize online gambling. Las Vegas is only a small part of the 13 percent of Las Vegas Sands revenue.
Source: “Hard Rock, MGM Resorts rumored contenders for purchase of Venetian and Palazzo.” Vital Vegas. January 5, 2021.