The founder of the Sands Macau, Sheldon Adelson, says he is “considering” spinning off the company’s shopping mall assets into a real estate investment trust (REIT).
GGR Asia reports online the possibility was raised in an answer to a question from a stockholder at the parent company Las Vegas Sands’ recent annual meeting.
The shareholder ventured that an REIT spinoff would offer tax advantages in the US, and pointed out the current share price of Las Vegas Sands was low relative to the value of its Macau real estate base.
Sheldon reportedly replied: “We are considering it, but it will take a while to get all the land leases… You can’t own fee simple in China. They won’t sell a piece of the motherland. So our leases would have to be changed. And it would take a little while to do that.”
Read the full report on GGR Asia.