Retail in Asia

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Marina Bay Sands mall for sale

Gambling tycoon Sheldon Adelson, whose Las Vegas Sands Corp. owns Singapore’s landmark Marina Bay Sands, said he’s considering selling the casino resort’s retail assets after a government-imposed moratorium expires next year.

The company has spoken with potential buyers, Chairman Adelson said in a conference call after Las Vegas-based Sands announced first-quarter results Wednesday.

“We have been approached. We have been talking to people,” said Adelson. Capitalization rates at the 800,000 square-foot mall, located in Singapore’s prominent downtown district, “are attractive, and we may or may not sell a portion.”

The world’s largest casino operator missed analysts estimates as profit shrank amid a sharp decline in gambling at Sands China Ltd., its main Macau unit. The Hong Kong-listed company’s shares fell 4.9 percent to HK$29.05 by the close of trading Thursday, the lowest level in more than a month, even as Adelson bet Macau would see future improvement from mass-market gamblers and tourists.

(Source: Bloomberg)