{"id":108275,"date":"2021-01-13T10:42:46","date_gmt":"2021-01-13T10:42:46","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108275"},"modified":"2021-01-13T10:42:46","modified_gmt":"2021-01-13T10:42:46","slug":"bets-on-for-macaus-sands-china-after-u-s-billionaire-adelsons-death","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/bets-on-for-macaus-sands-china-after-u-s-billionaire-adelsons-death\/","title":{"rendered":"Bets on for Macau's Sands China after U.S. billionaire Adelson's death"},"content":{"rendered":"

HONG KONG (Reuters) – Sands China Ltd\u2019s adjustment to life after the death of billionaire founder Sheldon Adelson, coming a year before the firm\u2019s gaming licence expires, could open up opportunities for Chinese investors to acquire a stake, industry executives said.<\/p>

FILE PHOTO: An exterior view of the Venetian Macao, part of Sands China Ltd’s development in Macau, China, June 1, 2016. REUTERS\/Bobby Yip<\/figcaption>

Without the larger-than-life visionary at the helm, the firm may be more willing to sell a stake to curry favour with China\u2019s government, or suitors may take advantage of his absence to buy a degree of control without opposition, executives told Reuters.<\/p>\n

Adelson, who died on Jan. 11 aged 87, was widely credited with helping transform the Chinese territory of Macau from a den of hardcore gambling parlours into a centre of luxury resorts and convention centres with revenue that now dwarfs that of Las Vegas, home of his U.S. flagship Las Vegas Sands Corp.<\/p>\n

Yet gaming licences for Macau\u2019s six casino operators, including Sands China, are set to expire in 2022, and the government has yet to detail the rebidding process.<\/p>\n

\u201cThis presents a window of opportunity for Chinese parties to come in and take a strategic stake in the company,\u201d said Ben Lee, founder of Macau gaming consultancy IGamiX.<\/p>\n

Having a Chinese partner would improve Sands China\u2019s chance of a new concession, he said, particularly with the removal of Adelson\u2019s link to U.S. President Donald Trump, who he bankrolled and had regular contact with during Trump\u2019s anti-China term.<\/p>\n

Parent Las Vegas Sands earns the bulk of its revenue from Asian properties, including the Venetian and Parisian in Macau and Marina Bay Sands in Singapore. The casino operator is due to open British-themed resort Londoner in Macau in February.<\/p>\n

Sands did not immediately respond to requests for comment.<\/p>\n

BEIJING DECISION<\/h2>\n

Any decision on a Chinese firm buying a meaningful stake in Sands China would not be made in Las Vegas or Macau but by authorities in Beijing, said Matthew Ossolinski, chairman of Ossolinski Holdings, an investor in Las Vegas Sands since 2008.<\/p>\n

\u201cIncreased Chinese ownership in any of the large operators makes sense for political reasons and could be a net positive for existing shareholders,\u201d he said.<\/p>\n

In January, MGM China Holdings Ltd shareholder Snow Lake Capital urged MGM Resorts International to sell 20% of the Macau casino operator to a Chinese strategic partner to help secure its local casino licence.<\/p>\n

In an open letter, Snow Lake said markets already reflected licence renewal concern for U.S.-owned Macau operators through trading performance and valuation – citing the high profitability yet low valuation of market leader Sands China.<\/p>\n

DIVERSIFICATION PRICE<\/h2>\n

Casino operators are trying to ensure they stay on the right side of authorities, such as through hiring more local staff and supporting patriotic education initiatives.<\/p>\n

Heeding government calls to help diversify Macau\u2019s gaming-dependent economy, Sands China built the territory\u2019s largest convention centre and exhibition space, entertainment theatres and around 13,000 hotel rooms.<\/p>\n

Adding a Chinese partner would improve Sands China\u2019s licence chances and also boost its marketing ability in mainland China, said Anthony Lawrance, managing director of consultancy Greater Bay Insight.<\/p>\n

\u201cIt would help for what comes next in Macau after the licences are awarded: access to new land and opportunities in (the mainland city of) Hengqin.\u201d<\/p>\n

Still, risks for potential suitors include legal battles relating to the opaque process through which Sands China was awarded its Macau casino licence in the early 2000s.<\/p>\n

In one case going to trial in June, former partner Asian American, headed by Taiwanese businessman Marshall Hao, is seeking $12 billion to compensate for lost profit from 2004 to 2020 after Sands China opted to change partner.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HONG KONG (Reuters) – Sands China Ltd\u2019s<\/p>\n","protected":false},"author":3,"featured_media":108274,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nBets on for Macau's Sands China after U.S. billionaire Adelson's death - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/bets-on-for-macaus-sands-china-after-u-s-billionaire-adelsons-death\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bets on for Macau's Sands China after U.S. billionaire Adelson's death - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"HONG KONG (Reuters) – Sands China Ltd\u2019s\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/bets-on-for-macaus-sands-china-after-u-s-billionaire-adelsons-death\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-13T10:42:46+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor29-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/bets-on-for-macaus-sands-china-after-u-s-billionaire-adelsons-death\/\",\"url\":\"https:\/\/precoinnews.com\/business\/bets-on-for-macaus-sands-china-after-u-s-billionaire-adelsons-death\/\",\"name\":\"Bets on for Macau's Sands China after U.S. billionaire Adelson's death - 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