Las Vegas Sands, controlled by gambling mogul Sheldon Adelson, is backing the announcement that it will continue to operate its casinos in Las Vegas. Two days after the closure of large casinos of competing gambling corporations, Wynn and MGM, Sands announced that it would close its Vancian and Palazzo, its casinos in the city. The closure will last at least until April 1, Forbes reports. The company announced that workers would not be fired due to the closure, and that they would continue to receive their wages.
Forbes notes that Sands’ decision to continue operating its casinos has attracted attention because Adelson is one of President Donald Trump’s biggest contributors, who was also scheduled to deliver a speech at Vanshian. Like Adelson, Trump also made a U-turn in his treatment of the plague and moved from denial and ridicule to recognition of the severity of the situation.
As reported yesterday on the “Seventh Eye” website, Adelson, the owner of “Israel Today”, has been experiencing a sharp drop in the value of his assets in recent weeks due to the corona plague and the crisis it has hit capital markets around the world. Most of Adelson’s fortune comes from the gambling empire he heads, which operates casinos and hotels in the United States, Macau, China and Singapore. The value of Adelson’s economic empire has shrunk drastically since January following the partial shutdown of its casinos in China and severe damage to the tourism industry.
The Bloomberg Economic News Agency estimated a few days ago that the value of its assets had shrunk by a whopping $ 11.7 billion. The decline in gambling, shopping and hotel revenues is reflected in sharp declines in the value of Adelson’s gambling companies. Sands-China, which is traded on the Hong Kong Stock Exchange, has lost about a third of its value since early January. New York-based Las Vegas Sands has lost nearly half a campaign since the beginning of the year. The tightening of restrictions on tourism and crowds in the United States could lead to further declines in stock value.