Hard Rock, MGM rumored Purchasers of Venetian, Palazzo
It is not a secret in the gambling world, that the owner of Venetian and Palazzo, billionaire Sheldon Adelson is looking for a buyer for a part of his casino assets. The question is who are the potential buyers of Venetian and Palazzo at the announced 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 up for buying, rumors spread fast. Especially the sale of Venetian and Palazzo, which will be a big furor in the gaming world.
Hard Rock and MGM Two Potential Buyers
Hard Rock Hotel and Casino Las Vegas closed in February 2020. The aim was to make way for Virgin Hotels Las Vegas. In May 2020 Hard Rock International bought back the rights to use their Hard Rock brand for establishing a Las Vegas hotel and casino. Later in the year it launched Hard Rock Digital.
There were many rumors that involved Hard Rock International into numerous casino purchases. But the company seems to have no intention to return to Las Vegas Strip.
In the meantime, MGM Resorts has accumulated a significant amount of debt, more than $11.3 billion, but the company is still trying to seal the deal with Entain, offering $11 billion to the British gaming company. The offer was refused. The explanation was that the price was too low and undervalued the company. The Entain’s management stated that the door was still open for discussion between the two companies.
After the involvement of Barry Diller’s IAC, MGM Resorts gained a significant amount of money, which means that they can afford to buy Venetian and Palazzo even though the asking price is $6 billion.
The deal for Venetian and Palazzo would also include the Sands Expo Convention Center. Those two properties are considered some of the premium Las Vegas casino resorts.
There is no further confirmation of the names of the potential buyers. Vital Vegas made an attempt to contact both of the potential buyers, but without any success.
Palazzo is an award-winning, luxurious hotel, and an important part of the Venetian casino resort, located on the Las Vegas Strip in Paradise, Nevada. The hotel complex is the tallest completed building in Nevada.
Venetian and Palazzo are property of Las Vegas Sands Corporation, owned by Sheldon Adelson. His main focus right now is to legalize gambling. Las Vegas is only a small part of 13 percent of Las Vegas Sands revenue.
Source: “Hard Rock, MGM Resorts Rumored Contenders for Venetian and Palazzo Buy”. Vital Vegas. January 5, 2021.
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