The Venetian Casino for Sale - page 2.

sana54210

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Quote from: paxmao on March 08, 2021, 05:56:57 AM

In case any of the "bitcoinaires" that populate this forum are interested, the iconic casino "The Venetian" is being sold. The owner group Vegas Sands is going to concentrate on the Asian casinos as they think the winds are not good for navigating in the old Strip.

Even if not mentioned, this cannot be unrelated to the hardship in finances from COVID that is driving betting to a 10 year jump ahead into the online options.

I believe online world made it close to impossible for these huge places to make money as well, Las Vegas is a good place to gamble and all, but when you can do that in your underwear at home that means that you may not profit as much as you imagine.

Plus, it requires billions of dollars just to stay there in case people gamble, there are laws about that and depending on how much you allow people to gamble you have to have certain amount of money in your vaults to pay that right away if the person wins it. Hence at the end of the day, we are going to see less and less of these places and they will worth less and less, obviously it worths a lot because even without casino part we are talking about a huge hotel in the middle of one of the worlds most known places, and on top of that it is a very well known casino, it still worths something, but not as much as it used to if you ask me.

ecnalubma

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The pandemic really hurts businesses big or small, until businesses don’t operate normally over time it could incur heavy losses. These times is challenging businesses on how to survive and casinos are not exempted, the struggle continues as long as the health threat is still present in general no businesses is safe to operate these uncertain times.

btc_angela

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Quote from: Kittygalore on March 10, 2021, 05:47:19 AM

Quote from: paxmao on March 10, 2021, 05:07:45 AM

I guess the question is why Las Vegas in general is taking such a big hit. It may be related to better opportunities in China due to the idiosyncrasy of the people, it could be for the on-line trends and the general legalisation of gambling in many jurisdictions, but overall, I think the new generations just do not connect with the old slogans and the "family entertainment" which is also big is being looked for elsewere.

I think the pandemic is the main reason that Vegas is taking a big hit, the lockdowns and social distancing and discouraging of tourist travels is a bad thing for the economy of Vegas that relies on tourists and businesses like casinos to generate profit and taxes.

Yes, this is the ultimate reason why it is being sold now, the maintenance cost and there is no money coming in because of the covid-19. Although I've seen some casino's already open but not in full capacity. It's interesting to note that they are looking at Asia as the prime hub for gambling now.

Perhaps majority of the whales today are from Asia, specially Chinese magnate and billionaires.

Kittygalore

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Quote from: paxmao on March 10, 2021, 05:07:45 AM

I guess the question is why Las Vegas in general is taking such a big hit. It may be related to better opportunities in China due to the idiosyncrasy of the people, it could be for the on-line trends and the general legalisation of gambling in many jurisdictions, but overall, I think the new generations just do not connect with the old slogans and the "family entertainment" which is also big is being looked for elsewere.

I think the pandemic is the main reason that Vegas is taking a big hit, the lockdowns and social distancing and discouraging of tourist travels is a bad thing for the economy of Vegas that relies on tourists and businesses like casinos to generate profit and taxes.

paxmao

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Do not die for Putin

I guess the question is why Las Vegas in general is taking such a big hit. It may be related to better opportunities in China due to the idiosyncrasy of the people, it could be for the on-line trends and the general legalisation of gambling in many jurisdictions, but overall, I think the new generations just do not connect with the old slogans and the "family entertainment" which is also big is being looked for elsewere.

Kong Hey Pakboy

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The bitcoiner that is going to be interested on this casino is going to under a lot of pressure and scrutiny because the money that they might use to buy the casino is definitely in bitcoins and I think they have to explain how they got that money if I am right. Vegas Sands is definitely on to something because I believe that their move of concentrating on Asian casinos is going to successful because Asians love gambling and they have almost 59% of the world population as their customer if they were to go global.

Mauser

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Quote from: Twinkledoe on March 09, 2021, 07:41:12 AM

They already have the buyer based from the OP's link above.

"Under the two-part deal announced Wednesday, VICI Properties will buy the casino and resort and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion. And Apollo Global Management will acquire the operations of the Venetian for $2.25 billion."

It is only a matter of time, and their operations will be back to normal. They can easily get back their billion-dollar investments once covid vaccine has rolled out in most of its population. Maybe, even after couple of years, and we will see that they are fully back in operations again.

That's quite a nice price. Imagine if all the bitcoin community would pool together their coins and go for the casino as a joint venture. All of us here could go for cheap vacations then to Vegas. I think Apollo is a private equity firm that usually invests only short term in companies. So they will likely make a lot of changes in the next 5 years and plan to sell it again.

Twinkledoe

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They already have the buyer based from the OP's link above.

"Under the two-part deal announced Wednesday, VICI Properties will buy the casino and resort and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion. And Apollo Global Management will acquire the operations of the Venetian for $2.25 billion."

It is only a matter of time, and their operations will be back to normal. They can easily get back their billion-dollar investments once covid vaccine has rolled out in most of its population. Maybe, even after couple of years, and we will see that they are fully back in operations again.

traderethereum

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If the reason is because of the finances, I think it is normal to see a gambling owner sell their casino and expand to other places that can be profitable.
The Covid gives them a strong punch to limiting their business and some of them close their business for an unknown time.
But it is not easy to manage a casino with a good reputation because a gambler who visits that place will not think much about the owner's changing.
I am curious who will buy that casino as I thought that the price would be very expensive since I guess a casino is a popular place in that city.

Cnut237

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Quote from: paxmao on March 08, 2021, 05:56:57 AM

"The Venetian" is being sold. The owner group Vegas Sands is going to concentrate on the Asian casinos

Macau presumably? I wonder if the US government will step in to prop up Vegas if people start to think it's only #2 behind China?

I always thought the ultimate Vegas casino would be a 'Las Vegas', which is a perfect scale model of all the other casinos, so that if say someone builds a new 50 storey Volcano casino, the 'Las Vegas' will immediately start work on its own 5 storey version. I hope the money isn't drying up out there, otherwise this dream may never come true.

fiulpro

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Quote from: paxmao on March 08, 2021, 05:56:57 AM

In case any of the "bitcoinaires" that populate this forum are interested, the iconic casino "The Venetian" is being sold. The owner group Vegas Sands is going to concentrate on the Asian casinos as they think the winds are not good for navigating in the old Strip.

Even if not mentioned, this cannot be unrelated to the hardship in finances from COVID that is driving betting to a 10 year jump ahead into the online options.

Times have certainly changed, to adapt most people shifted their offline casinos to online ones and at the same time some disagreed on that and because of that their whole business did shut down.
1. COVID policies are hard enough
2. The taxation is not something that is relaxed at this moment also
3. They have to pay extra everyday to keep up with everything since maintenance fees are also not low for big casinos
4. People are naturally moving towards the online casinos since they do have a better bonus system, security, pricing, options.
5. We just have second or third wave of coronavirus at many places therefore it is impossible to open them up right now.
What they could have done was :
1. Make agreements with online casinos which are already famous that would have helped them start their business online with their name tag without any investment
2. They could have gone online for a fractions of time and added cryptocurrencies also this would've given them more options.
3. Accepted bets over web
Many things could have been done but this is inevitable.

paxmao

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Do not die for Putin

In case any of the "bitcoinaires" that populate this forum are interested, the iconic casino "The Venetian" is being sold. The owner group Vegas Sands is going to concentrate on the Asian casinos as they think the winds are not good for navigating in the old Strip.

Even if not mentioned, this cannot be unrelated to the hardship in finances from COVID that is driving betting to a 10 year jump ahead into the online options.

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