Hard Rock International Reportedly Interested in Sands’ Venetian and Palazzo
Posted on: January 4, 2021, 03:03h.
Last updated on: January 4, 2021, 03:18h.
Hard Rock International, the gaming and hospitality company owned by the Seminole Tribe of Florida, is reportedly interested in buying one or two casinos on the Las Vegas Strip.
In October, the rumor mill began churning out gossip that Las Vegas Sands — the world’s richest casino operator by market capitalization — was looking to sell its two Nevada casinos. Bloomberg said Sands is fielding offers somewhere in the neighborhood of $6 billion for The Venetian and The Palazzo.
As Casino.org relayed at the time, there are few suitors with the capital to spend $6 billion, especially during a global pandemic. But Hard Rock, a global casino giant, likely has the financial wherewithal to make a bid.
Scott Roeben, a go-to online source for Las Vegas chatter, tweeted today regarding Hard Rock’s potential interest.
Figured Venetian/Palazzo were out of reach for Seminoles, but rumor is Jim Allen, chairman of Hard Rock International, has expressed interest.
— Vital Vegas (@VitalVegas) January 4, 2021
The Venetian opened in 1999, and has more than 4,000 hotel rooms and a casino floor measuring 120,000 square feet. Its sister property, The Palazzo, opened in 2007, and offers more than 3,000 guestrooms and a 105,000-square-foot casino.
Allen Tips Hand
Allen in September revealed his interest in taking Hard Rock to the country’s richest gaming market. Appearing on Fox Business, Allen discussed his belief that Las Vegas will make a strong comeback once air travel resumes.
“The business in Las Vegas midweek is still very soft,” Allen said of Hard Rock’s café in Las Vegas. But the executive explained that Southern Nevada is attractive in the long-term.
We are a believer in the Las Vegas market on a long-term basis,” Allen stated.
Hard Rock is also bullish on mobile sports betting and online gaming. Last month, the company announced its own interactive gaming and sportsbook platform called Hard Rock Digital.
Nevada is now the second-largest online sports betting market, with the much more populated New Jersey now No. 1. Hard Rock Digital will be able to operate in the Garden State through its brick-and-mortar casino Hard Rock Atlantic City. But in Nevada, Hard Rock presently does not have a land-based casino to partner with to conduct mobile sports betting (mobile sports betting and online poker is legal in Nevada, but not internet slots and table games).
Las Vegas Recovery
2020 is officially in the books, but COVID-19 has certainly not been shelved. Nevada casinos continue to be limited to 25 percent of their occupancy limit, and in Las Vegas — a town that heavily relies on fly-in visitors — the economy continues to spiral.
Sands has temporarily closed its Palazzo hotel tower. The casino said the decision was made because of low demand. Palazzo isn’t alone. Encore at Wynn Las Vegas is closed midweek, as is Mandalay Bay, Park MGM, and Mirage.
The absence of conventions is a major reason why hotels are closing through the week. Large indoor gatherings remain on hold, and as a result, convention attendance through 11 months of 2020 was down nearly 73 percent. December and 2020 full-year data will be released later this month.
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Last Comments ( 20 )
I think Planet Hollywood would be a better fit for Hard Rock, plus it’s probably cheaper than V/P/S.
Hard Rock said they want to be back in Vegas on the strip. There are plenty of other properties they can purchase for less than $6Billon. I think they are wrong for that property it should exchange hands with a single buyer not a mega corporation or private equity. Elon or Jeff ever thought about the Hospitality industry..
If Jim Allen is involved, it’s never about people, culture, or care. It’s step on your throat, make a buck, bury you alive. Good luck Vegas if he gets this done. I wouldn’t work with Jim Allen again for all the money in the world.
They should finish what they started, I live in Bakersfield, Ca and they have have started to want to build a Casino at Tejon and with Covid interrupting the process everything else should be placed in the back burner until the coast is clear. Patience has become the ultimate virtue to abide by.
The Venetian has a great Poker Room I would hate to see this go away
Scott Roeben's information is often about as reliable as Trump's. Citing him as a source calls into question this website's credibility.
Geoff Buran, The Seminole Tribe NEVER owned Hard Rock Vegas!!! When they bought the entire company from Peter Morton his deal was him keeping The H.R. Vegas only! After Morton sold parts to other entities, H.R. International (The Seminoles only owned the H.R. Café inside). In 2018 it was up for sale & although H.R. Int'l almost bought it, the whole complex was eventually bought by Virgin & supposedly closed for total reconstruction. Terry Urich. I worked for the Seminoles in FL until this past Dec12th and their casinos all have real live table games! They are NOT allowed to have Craps or Roulette. Only the non Seminole casinos have electronic only games & slots. You guys really need to fact check!
I hoped whoever is buying the LVS , they are not gonna be as corrupted as LVS. It's a good company with bad bosses .
Back in 2007, the Seminole tribe owned the hard rock in Vegas. It's weird that they sold it and now they want to buy the venetian. And now the hard rock hotel sits vacant so sad.
IF the Hard Rock gets this property in Vegas will it run like it does in Fla where ALL the games are electronic or will the card games be live ??
What a shame that such a beautiful property might be bought by the Hard Rock chain. Does anybody really want/need a cookie cutter hotel along the strip? Isn't Planet Hollywood bad enough?
I am so waiting for the cover to be over . I miss las vegas.
I currently work for the Seminole Tribe of Florida (Hard Rock GUITAR Hotel) and this is welcomed news... they've longed having a presence in Vegas!
Judging from all the chatter casino stocks are a good buy for the long-term gain potential. This would not be a good time for day trading.
Heck , if I had the money I'd buy a bowl of casinos also right now, I'd also buy a few Cruise lines and movie theater chains. The virus will get over in 6 to 12 months and everything will become profitable in 2022