Casino City’s Friday Five: Las Vegas Sands sell off edition

Sheldon G. Adelson, former chairman and CEO of Las Vegas Sands, passed away nearly two months ago and the company is making some drastic changes. Before we dive into that, we also have a slots tournament at Intertops Poker, a massive jackpot win in Indiana, impressive debut sports betting numbers for Virginia and a ground breaking set to take place on a new California casino property.

Let’s start with some slot play:

5. March slots tournament at Intertops Poker
Through Monday, everyone at Intertops Poker that plays the Golden Horns, Dragon & Phoenix, Dim Sum Prize and Bamboo Rush slots earn tournament points.

At the end of the tournament, 16 players with the most points will split $2,000.

"I won $80 once. And $40 another time," said one regular player. "I'm determined to win that $400 first prize one of these days!"

4. Four Winds South Bend awards $1.5 million jackpot
A guest from Bremen, Indiana won a $1,573,328.40 progressive jackpot on Monday, 1 March, at Four Winds South Bend.

The winner, who chose to remain anonymous, won the progressive jackpot playing a Dancing Drums Explosion slot.

The progressive slot machine is now reset for another winner to take home a $1 million progressive jackpot.

Holy-Moly! What a win! A lucky Bremen, IN guest won 1.5 MILLION on Dancing Drums in South Bend!
Win Date: March 1
Bet: $10#FourWindsJackpot #CasinoHandpay #ScientificGaming pic.twitter.com/NEyUiZEYuL

— Four Winds Casino (@FourWindsCasino) March 3, 2021

3. Virginia’s sportsbooks impress with $60 million debut in January
Virginia's sportsbooks are off to an impressive start after collecting nearly $60 million in wagers in the first 11 days after the market launched on 21 January. That is the second-highest monthly total in U.S. history for any state in its first month of legal sports betting, according to PlayVirginia.

Only neighboring Tennessee, which drew $131.4 million in bets in the 30 days after launching on 1 November, generated more than Virginia in its debut month, though Virginia topped Tennessee's per-day total.

Virginia's sportsbooks won $3.6 million in gross gaming revenue in January. But with an expectedly heavy early promotional push, three of Virginia's four sportsbooks lost money. That put combined adjusted gaming revenue at a $3.2 million loss. However, PlayVirginia expects will grow to generate some $5 billion in annual bets at maturity.

2. Construction on Boyd Gaming’s Elk Grove property to begin next week
Boyd Gaming Corporation and the Wilton Rancheria Tribe announced plans this week to break ground on the tribe's gaming resort in Elk Grove, California, on 9 March, with construction commencing shortly thereafter.

The property will be the closest casino to both Sacramento and the south Bay area and is scheduled to open to the public in the second half of 2022.

The casino will feature up to 2,000 slot machines, more than 80 table games and food and beverage offerings featuring local and regional brands from across Northern California.

1. Las Vegas Sands to sell Venetian, Palazzo and Convention Center
Less than a month after the passing of Las Vegas Sands President and CEO Sheldon Adelson, there was a sudden change in philosophy as the new CEO began to steer the company toward online gambling and digital betting.

More drastic changes were announced on Wednesday when Las Vegas Sands unveiled the news that it entered into definitive agreements with Apollo Global Management and VICI Properties to sell its Las Vegas real property and operations, including The Venetian Las Vegas and the Sands Expo and Convention Center for an aggregate purchase price of approximately $6.25 billion.

Sands executives said that while selling The Venetian, the property that helped establish Sheldon Adelson and his company at the top of the gaming industry, will be bittersweet, the opportunities for the company to pursue new growth prospects are robust.

"The Venetian changed the face of future casino development and cemented Sheldon Adelson's legacy as one of the most influential people in the history of the gaming and hospitality industry. As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson's legacy while starting a new chapter in this company's history," said Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein.

Apollo Funds will acquire The Venetian Resort and Sands Expo and Convention Center OpCo in Las Vegas. The iconic property is one of the world’s largest integrated resorts and the investment demonstrates our conviction in a strong Las Vegas recovery. https://t.co/nntBenFPfC

— Apollo Global Management, Inc. (@apolloglobal) March 3, 2021