Casino operator Las Vegas Sands Corp is looking for a potential buyer to sell its flagship casinos in Las Vegas for about $6 billion. The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo. The Casino operator wants to windup its U.S business and want to focus on Macau and Singapore.
It was earlier reported by many sources that the company were in discussion about a sale but nothing was finalized. The gambling industry has been hit hard by the COVID-19 pandemic. The Company had $13.82 billion outstanding debt, excluding finance leases as of June 30, 2020.
The Chairman and CEO of the company said that a recovery process in the second quarter from the pandemic is underway after the company reported 82% revenue fall from a year earlier and a third-quarter loss of 74 cents on revenue of $586 million. In August, company rating went down from stable to negative by rating agency finch due to poor market conditions by the pandemic. At the time, Chairman of the company said that the near-term prospects for the businessis looking “lackluster” in Las Vegas.
On Monday, shares of Las Vegas Sands Corp. (NYSE:LVS) marked $49.13 per share versus a previous $50.68 closing price. With having a -3.06% loss, an insight into the fundamental values of Las Vegas Sands Corp., investors would also find a great ally in the technical patterns of the stock movements showed in stock charts. LVS showed a fall of -28.84% within its YTD performance, with highs and lows between $33.30 – $74.29 during the period of 52 weeks, compared to the simple moving average of -3.06% in the period of the last 200 days.
The present dividend yield for LVS owners is set at 0, marking the return investors will get regardless of the company’s performance in the upcoming period. In addition, the growth of sales from quarter to quarter is recording -97.10%, hinting the company’s progress in the upcoming progress.