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GOP mega-donor Sheldon Adelson considers selling his Las Vegas Sands casinos

GOP mega-donor Sheldon Adelson considers selling his Las Vegas Sands casinos

By Jordan Valinsky, CNN Business

Updated 8:46 AM ET, Tue October 27, 2020

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Moderator Savannah Guthrie speaks during an NBC News Town Hall with President Donald Trump at Perez Art Museum Miami, Thursday, Oct. 15, 2020, in Miami. (AP Photo/Evan Vucci)

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CHARLESTON, SOUTH CAROLINA - FEBRUARY 25:  Democratic presidential candidate former South Bend, Indiana Mayor Pete Buttigieg arrives on stage for the Democratic presidential primary debate at the Charleston Gaillard Center on February 25, 2020 in Charleston, South Carolina. Seven candidates qualified for the debate, hosted by CBS News and Congressional Black Caucus Institute.  (Photo by Scott Olson/Getty Images)

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This fourth-grader doesn’t have WiFi at home. So he walks to school

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Pedestrians pass shuttered storefronts on Thursday, Oct. 15, 2020, as restrictions are imposed due to a COVID-19 infection rate increase in the Far Rockaway neighborhood of the borough of Queens in New York. After shutdowns swept entire nations during the first surge of the coronavirus earlier this year, some countries and U.S. states are trying more targeted measures as cases rise again around the world. (AP Photo/John Minchillo)

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New York (CNN Business)Las Vegas Sands, operated by GOP mega-donor Sheldon Adelson, is reportedly exploring a sale for its upscale Las Vegas resorts, marking Adelson’s exit from the turbulent US gambling industry.The company operates the Venetian and Palazzo resorts on the Las Vegas strip, plus the Sands Expo Convention Center. A deal to sell all three could rake in as much as $6 billion, leaving the company to focus on its glitzy properties in Singapore and Macau, according to multiple news reports.Sands’ US properties accounted for just over 13% of its revenue last year. The company confirmed to several outlets that it’s in “very early discussions” about a possible sale.Sands didn’t immediately respond to CNN Business’ request for comment. Bloomberg first reported the shakeup late Tuesday.Shares of Sands (LVS) jumped more than 3% in premarket trading. The stock is down 30% for the year, shadowing similar losses from other gaming rivals that have been hit hard from the tourism downturn sparked by coronavirus.Sands reported a revenue drop of 82% in its third-quarter earnings last week. Adelson said that the “recovery process from the Covid-19 pandemic continues to progress in each of our markets.”Las Vegas has reopened, but with few conventions, total visitor volume has dropped nearly 60% in August compared to the same month a year ago, according to the city’s tourism department.In August, MGM Resorts (MGMlaid off roughly a quarter of its workforce amounting to 18,000 employees. Last year, it offloaded a few properties, including Circus Circus and Bellagio, to private-equity firm in a lease buyback deal valued at about $5 billion.Adelson is a friend of President Donald Trump, who also owns a resort in Las Vegas. Trump gave Adelson’s wife Miriam a Presidential Medal of Freedom award in 2018 for establishing research centers committed to fighting substance abuse.The family also regularly donates money to Trump and Republican politicians. The couple recently poured $75 million into a super PAC launched in late August to aid Trump’s reelection. They also backed the president’s initial run in 2016.

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