Indy Gaming: Las Vegas left behind as Sands charts future in Macau, Singapore and online
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The pending $6.25 billion sale of the Venetian, Palazzo, Sphere entertainment project and Sands Expo and Convention Center is expected to close later this year or in early 2022. The company's presence on the Strip began in 1989 when Sheldon Adelson acquired the Rat Pack-era Sands Hotel for $110 million. Sands is spending $17 million to fund a 2022 ballot referendum that could bring the state three non-tribal gaming run casinos. Stifel Financial gaming analyst Steven Wieczynski believes Sands might not be interested in the digital gaming world.
Caesars Entertainment is spending $325 million to renovate Harrah's New Orleans and launch sports betting. Superdome naming rights come as Caesar's is renovating New York's Harrares resort.
The New Orleans Superdome will be called Caesars SuperDome for the next 20 years. The deal is worth $138 million. Caeresars operates four Louisiana casinos. It is undergoing a $450 million renovation. The stadium is expected to host Super Bowl LIX in 2025. In 2022, the Super dome also will host the NCAA Men’s Final Four and Sugar Bowl. Allegiant Stadium's naming rights were secured for between $20 million and $25 million a year by the parent company of Allegient Air.
Second-quarter earnings season gets underway this week with five casino operators and gaming-centric real estate investment trusts. MGM Resorts International, which owns 42 percent of MGM Growth Properties, lost out on the acquisition of CityCenter to Blackstone earlier this month. Bally's Corp. preannounced second- quarter earnings on Monday. Baly's will pay $500 million for its planned $2.7 billion acquisition. of UK online gaming platform Gamesys Group Plc. GLPI is selling Bly's the operations of Tropicana Las Vegas and has acquired the real Estate of the company’s casinos in Colorado and Illinois.
