Marina Bay Sands mall for sale
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Gaming giant Las Vegas Sands Corp has held preliminary talks with prospective buyers of the Marina Bay Sands mall.
The surprise revelation came during a conference call following an earnings report yesterday in which the US-based company revealed a casino revenue at Marina Bay Sands fell by 28 per cent in the first quarter.
The mall – The Shoppes at Marina Bay Sands – is a cornerstone of the giant complex which has become an icon of the Singapore skyline. The complex also includes a three-tower hotel, convention centre and theatres.
Sheldon Adelson, founder and chairman of Las Vegas Sands Corp, which also owns the Sands Macau casino and hotel and the Venetian Macau resort, said he was considering selling the retail assets.
“We have been approached. We have been talking to people,” said Adelson during the conference call.
His company is restricted from selling any part of the complex until a moratorium attached to the granting of the casino development license expires next year.
From other comments it would appear the company is more likely to sell a stake in the 800,000 sqft mall than the whole business.
Questions & Answers
Q.What specifically is Las Vegas Sands Corp considering selling at Marina Bay Sands?
What specifically is Las Vegas Sands Corp considering selling at Marina Bay Sands?
The company is considering selling the retail assets, which refers to The Shoppes at Marina Bay Sands. It appears more likely they will sell a stake in the 800,000 sq ft mall rather than the entire business within the complex.
Q.Why can Las Vegas Sands Corp not sell the Marina Bay Sands mall immediately?
Why can Las Vegas Sands Corp not sell the Marina Bay Sands mall immediately?
The company is restricted from selling any part of the complex due to a moratorium. This restriction is attached to the granting of the casino development license and is set to expire next year.
Q.What event prompted the revelation about the potential sale of the Marina Bay Sands mall?
What event prompted the revelation about the potential sale of the Marina Bay Sands mall?
The surprise revelation came during a conference call following an earnings report yesterday. During this call, the company also disclosed a 28 per cent fall in casino revenue at Marina Bay Sands in the first quarter.
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