Introduction
The Venetian Casino is among the most iconic casinos, not only in Las Vegas but in the whole world. Like other gaming establishments in the Sin City, the casino is owned by one or multiple corporations, trusts, or individuals. While it is common knowledge among Las Vegas visitors that the Venetian Casino is owned by Sheldon Adelson, the details of ownership remain a mystery to the majority. In this article, we delve into the corporate structure and ownership of the Venetian Casino to demystify who owns the casino.
Exploring the Ownership of Venetian Casino: A Look at Its Corporate Structure
The Venetian Casino is part of the Las Vegas Sands Corporation, a holding company that owns various casinos and resorts worldwide. The corporation operates under three main subsidiaries: Sands China Ltd, Marina Bay Sands, and Las Vegas Sands LLC. Sheldon Adelson, the founder of Las Vegas Sands, owns nearly 52% of the corporation’s shares hence has an overall stake in the Venetian Casino. His wife, Miriam Adelson, owns approximately 5% of the shares, having acquired them from her spouse in 2019.
Breaking Down the Venetian Casino: Who Owns What
The Venetian Casino comprises a hotel, a convention center, and a casino floor that occupies a whopping 120,000 square feet. The casino floor is further subdivided into several smaller gaming areas. The Palazzo, a neighboring resort, has a separate casino floor that is also a part of the Venetian Casino. Las Vegas Sands LLC owns all these facilities, including the casino licenses.
Unveiling the Owners of the Venetian Casino: A Detailed Investigation
The ownership of Las Vegas Sands Corporation is distributed among multiple shareholders. Sheldon Adelson, who was among the wealthiest people globally before his death in early January 2021, was the principal shareholder. The Sands family, comprising Sheldon Adelson’s wife, their children, and some extended family members, also hold significant stakes in the corporation. Other big shareholders include BlackRock Fund Advisors, Vanguard Group Inc, JP Morgan Chase & Co, and T. Rowe Price Associates, among others.
Although the company’s shares are publicly traded, the corporation’s board of directors controls the company’s direction and policies. The board comprises eleven members, with Sheldon and his wife formerly holding posts as executive chairman and a board member, respectively.
From Adelson to Beyond: A Follow the Money Guide to the Venetian Casino Ownership
The history of the Venetian Casino can be traced back to 1995 when Sheldon Adelson purchased the Sands hotel and casino, which he later demolished to build the Venetian. After its completion in 1999, the Venetian became the most significant resort in Las Vegas, boosting its owner’s profile. In 2004, Las Vegas Sands Corporation went public, making Adelson and his family instant billionaires. Since then, the company has added more casinos and resorts to its portfolio, including the Marina Bay Sands in Singapore and the Sands Cotai Central in Macau.
Despite Sheldon’s demise, the Venetian Casino has not changed its ownership structure. The Adelson family still has control over the company, with Sheldon’s spouse, Miriam, taking over from her husband as the chairman and CEO. The family’s interest in the corporation is so intense that they have been reckoned to commit as much as $37 million to advance their preferred political interests in the United States during election periods.
Who Really Owns the Venetian? An Insider’s Perspective
Las Vegas Sands Corporation is a public company; hence its ownership structure is no secret. However, the Adelson family’s grip on the corporation’s direction and policies makes it challenging to determine the various owners’ roles. Insiders reveal that Sheldon Adelson had a hands-on approach to running the company and was the driving force behind most of the corporation’s strategies.
The Adelson family is notoriously private, and they rarely engage in public affairs, let alone disclosing their wealth. The family’s ownership of multiple media outlets makes it easier for them to avoid scrutiny and promote their interests and opinions instead.
Legal Battles and Ownership Tussles: A Comprehensive History of Venetian Casino’s Ownership
The Las Vegas Sands Corporation has been involved in different legal battles in its long history. The corporation has faced lawsuits from former employees and clients who suffered losses due to the company’s practices. In one of the notable lawsuits, the corporation paid $47 million in fines due to money laundering allegations.
Moreover, the corporation has faced ownership battles in some of its casinos. For instance, The Sands Casino Resort Bethlehem’s ownership was disputed between Sheldon Adelson and minority shareholder Richard Sands. The suit was eventually settled in 2019, giving Adelson the full interest of the casino.
Conclusion
Although the ownership structure of the Venetian Casino appears complicated, it is evident that the Adelson family has the upper hand in the corporation’s direction and policies. However, the family’s private nature makes it challenging to determine the different owners’ actual roles. It is essential to follow the Las Vegas Sands Corporation’s news to keep tabs on any changes in the corporation’s direction and ownership.
If you are looking to find out who owns a particular casino establishment, you can start by checking the corporation’s website or recent news on the casino. Regulatory agencies, which license casinos, also disclose corporate ownership. Securities exchange websites also have information about publicly traded corporations.
It is clear that the ownership of the Venetian Casino has changed hands several times, with Sheldon Adelson being the most notable owner. The Adelson family’s grip on the corporation’s affairs is expected to continue, with Miriam Adelson now the corporation’s CEO and chairman.