Like Marco Polo a thousand years ago, the Las Vegas Sands Corporation is leaving Venice to seek its fortune in the Far East.
To be precise, the company with one of the most famous Las Vegas names has sold the Venetian Resort in Las Vegas, with its canals and campanile and casino to reinvest the proceeds in its casino and resort properties in Singapore and Macao. The new owners are a private equity investor and a company spun off several years ago from Caesars.
Sands CEO Robert Goldstein said, in a press release, that "The top priorities for our company include heavily reinvesting in our portfolio in Asia while at the same time pursuing new land-based development opportunities and executing our long-term strategy for participating in the digital marketplace."
The company recently announced a $1 billion reinvestment at Marina Bay Sands in Singapore, and the completion of a $2.2 billion renovation of its Londoner resort in Macao.