When Las Vegas began to come of age as a premier destination back in the 1950s and '60s, the popularity was fueled by the famed Sands Hotel and appearances by 'The Rat Pack.'
When Frank Sinatra, Dean Martin, Sammy Davis Jr., Peter Lawford and Joey Bishop sang, danced, acted, drank and generally caroused their way through the hotel-casino, the Sands was the place to be in Las Vegas.
Earlier this week, that legacy died a quiet death.
The Las Vegas Sands Corp. has sold the Venetian casino resort, the nearby Palazzo and the Sands Expo and Convention Center to VICI Properties and Apollo Global Management in a deal worth $6.25 billion, according to the Associated Press.
While the names of the properties will remain, the sale marks the end of the Sands' presence on the Las Vegas Strip. The company led by casino mogul Sheldon Adelson until his death earlier this year will effectively cease U.S. operations. Under Adelson, the company's focus had turned to Asia years ago, where revenue eventually outpaced even the operations on the Las Vegas Strip.
The company posted a quarterly loss of almost $300 million in January as the coronavirus pandemic has crushed tourism across the world.
Adelson's purchase of the Sands in 1989 changed the direction of Las Vegas to focus attention on conventions as well as families, recognizing that the real potential was not on the casino floor but rather at the hotels, resorts and convention centers that surround them.
"Sheldon Adelson changed the Las Vegas market with his emphasis on conventions. He put a premium on that," University of Nevada-Las Vegas history professor Michael Green told the AP.
"As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson's legacy while starting a new chapter in this company's history," Sands Corp. Chairman and CEO Robert Goldstein said in a statement. "This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention."
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
