Las Vegas Sands Corp, founded by late casino mogul Sheldon Adelson, will sell its Vegas properties for $6.25 billion, exiting the U.S. gambling hot spot after three decades to focus on Asia, home to the world’s largest gambling hub, Macau. The sale comes nearly two months after the death of Adelson—widely credited with helping transform the Chinese territory of Macau from a den of hardcore gambling parlors into a center of luxury resorts and convention centers with revenue that now dwarfs Las Vegas. Las Vegas Sands said the deal underscores its strategy of reinvesting in its Asian operations, with a focus on Macau and Singapore. Macau and Singapore accounted for 48 percent and 35 percent of the company’s total revenue in 2020, respectively, according to Refinitiv Eikon data. “The deal further strengthens the company’s balance sheet to fund future growth in other domestic and global markets,” Jefferies analysts said, viewing …
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