Iconic Las Vegas Casinos Get New Owners
The decades of transformations and growth have made Las Vegas the gambling Mecca. However, recently, big shifts happening in Sin City are connected to the change of ownerships of some of the landmark casinos on the Strip. Many are describing this period as the end of an era while others are seeing these events as the indication where the US gambling industry is headed.
In 2021 alone, 7 important deals were made concerning the Las Vegas land-based casinos and their operations. This many transactions happening at the same time is not something you often see in Vegas. Usually, it takes years for a new casino owner to appear in town.
The latest property to find a new owner is the famous Mirage. MGM Resorts sold this gem to Hard Rock International, owned by Seminole Tribe of Florida, for $1 billion in cash. The biggest transaction is happening between Las Vegas Sands and real estate giant VICI Properties and private equity firm Apollo Global Management. The deal which leaves Las Vegas Sends without any real estate, including the legendary Venetian resort, in Sin City is worth $6 billion.
Conquering New Territories
With the US gambling market becoming bigger as more and more states decide to make legislative changes and allow betting activities to take place within their territories, casino operators are spreading their wings. James Goldstein, an analyst at CreditSights, said:
“”It’s not like Vegas is the only place they can make money anymore. They’re saying ‘we can make money in different parts of the country too — and abroad.”
They are trying to get gaming licenses and set their operations in the up and coming areas. Some of them are deciding to focus on other countries. For example, Las Vegas Sands is leaving Vegas so they can focus on Macau and Singapore.
Still, all these changes are not affecting the way Las Vegas is perceived by the people all over the world. Sin City is firmly holding the title of the global gambling capital and things won’t change in a foreseeable future in that regard.