{"id":166248,"date":"2021-03-04T09:00:15","date_gmt":"2021-03-04T17:00:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=166248"},"modified":"2021-03-04T09:22:10","modified_gmt":"2021-03-04T17:22:10","slug":"venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/","title":{"rendered":"Sands May Seek Crown Resorts, Restore Dividend with Venetian Cash, Say Researchers"},"content":{"rendered":"

Las Vegas Sands (NYSE:LVS) may consider an acquisition of beleaguered Crown Resorts with proceeds from the sale of Venetian Resort and Sands Expo and Convention Center, according to Bernstein analysts.<\/p>\n

\"LVS
Venetian Las Vegas. A research firm says Sands could pursue Crown Resorts with cash from the sale of Strip assets. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

The company said yesterday it’s selling those assets to Apollo Global Management and VICI Properties for $6.25 billion. That effectively eliminates its visible presence in the city with which it shares a name. Sands’ decision to part with the Strip properties is also stoking speculation<\/a> about how the largest gaming operator by market value will deploy the cash.<\/p>\n

Crown Resorts could be a good fit for Sands in the long run. The company is currently in turmoil following regulatory challenges after revelations of anti-money laundering violations and control problems,\u201d said Bernstein analysts, led by Vitaly Umansky. \u201cSeveral directors (including the CEO) have resigned and the company is ripe for new ownership and management.\u201d<\/p><\/blockquote>\n

The Australian gaming company is grappling with a spate of departures<\/a> from its board as it contends with intensifying regulatory scrutiny in its home country. Last month, Crown was found unsuitable to run the $1.7 billion Crown Sydney integrated resort by regulators in New South Wales (NSW) and officials in other Australian states are now examining the operator’s suitability to hold gaming permits.<\/p>\n

Something to LVS\/Crown Talk<\/h2>\n

Bernstein’s Umansky acknowledges, \u201cIt is unclear at this time whether an acquisition of Crown could make sense.\u201d However, there are reasons why the rumor has some life.<\/p>\n

\n

The late Sheldon Adelson and James Packer were spotted together at a New Year\u2019s Eve party in the French Caribbean, leading to chatter the latter could sell his 36 percent<\/a> Crown stake to LVS. On an earnings conference call with analysts last year, Adelson acknowledged Sands may consider acquisitions in the Asia-Pacific region. He died in January of complications stemming from non-Hodgkin\u2019s lymphoma.<\/p>\n<\/div>\n

Additionally, Crown’s regulatory woes could make it possible for a suitor to absorb the company without a sizable premium. It has a market capitalization of $5.25 billion — just a fraction of the $50.24 billion LVS is worth.<\/p>\n

Packer’s gaming company isn’t a stranger to acquisition chatter. Two years ago, Wynn Resorts was in buyout discussions with Crown. But the Las Vegas-based company scrapped those talks after Crown prematurely leaked the news to media outlets.<\/strong><\/p>\n

Potentially fueling acquisition rumors, Crown or otherwise, is that LVS doesn’t need to direct cash from the Las Vegas sale to Macau or Marina Bay Sands (MBS) in Singapore. The company already committed capital for enhancements in those regions, according to Bernstein.<\/p>\n

Dividend Resumption, Other Odds and Ends<\/h2>\n

Bernstein is among several research firms noting it’s possible LVS will use some of the cash from the Venetian sale to restart its dividend. The payout was suspended<\/a> last April due to the COVID-19 pandemic \u2013 a move that saved the company over $2 billion.<\/p>\n

\u201cWe expect the dividend to resume — initially at a lower level than 2019 — in 2022 under the assumption that Macau and Singapore would get back to more normal business levels,\u201d said the Bernstein analysts.<\/strong><\/p>\n

With the sale of Venetian and Sands Convention Center, LVS will have no US operations, assuming it doesn’t open an integrated resort in New York or Texas. But the company is planning to maintain its Las Vegas headquarters and its listing on the New York Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

Las Vegas Sands (NYSE:LVS) may consider an acquisition of beleaguered Crown Resorts with proceeds from the sale of Venetian Resort and Sands Expo and Convention Center, according to Bernstein analysts. The company said yesterday it’s selling those assets to Apollo Global Management and VICI Properties for $6.25 billion. That effectively eliminates its visible presence in […]<\/p>\n","protected":false},"author":46,"featured_media":166252,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[32093,1],"tags":[],"acf":[],"yoast_head":"\nVenetian Cash Could Fund LVS Dividend, Crown Deal, Says Bernstein<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands could make a run at Crown Resorts or restart its dividend with cash from the sale of Venetian.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venetian Cash Could Fund LVS Dividend, Crown Deal, Says Bernstein\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Sands could make a run at Crown Resorts or restart its dividend with cash from the sale of Venetian.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-04T17:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-04T17:22:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/venetian.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\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:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/\",\"url\":\"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/\",\"name\":\"Venetian Cash Could Fund LVS Dividend, Crown Deal, Says Bernstein\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/venetian.jpg\",\"datePublished\":\"2021-03-04T17:00:15+00:00\",\"dateModified\":\"2021-03-04T17:22:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Las Vegas Sands could make a run at Crown Resorts or restart its dividend with cash from the sale of Venetian.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/venetian-cash-could-fund-lvs-dividend-crown-deal-says-bernstein\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/venetian.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/venetian.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Venetian Las Vegas. 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