Starting bid is $6 billion. When Sheldon sells the Venetian (Palazzo & LV Sands), he will no longer have any vested interest in Las Vegas. Sheldon & Steve Wynn made Vegas today and they are gone. This is not surprise to The Jedi. We have been telling investors to short Vegas stocks ever since Steve Wynn sold all $2 billion of Las Vegas shares in May of 2018.
If you have been following The Jedi, you would know the big story is not that the Venetian is for sale. This has been coming for a couple years. In 2014, Las Vegas was booming. Sheldon wanted to use Vegas status as a major destination to draw an NFL team to Las Vegas. All he needed was to convince voters to approve a $750,000,000 stadium tax that would be charged to tourists staying in hotels & locals living in weekly rentals (like The Jedi). Yep, the poorest people living in Las Vegas were taxed to pay for a stadium they could never afford to attend. Is that bad government, bad business or just plain bad karma?
The bigger story is the Vegas media & bloggers forgot the Venetian is for sale and just started boasting the opening of Circa. They should be a asking why would you open a new casino in 2020 when this month the closures of Encore and the sale of Venetian were announced?
Sheldon Gave Early Warning Signs to Leave Vegas
Only one week after the Jedi left Las Vegas, Sheldon Adelson is following suit. Sheldon Adelson expressed his concern for Vegas in a letter he wrote on July 29, 2020
The Jedi warned investors on social media the Las Vegas was a sinking ship. The local media television stations are nothing more than paid infomercials. From watching local news, you would never know that Vegas was in trouble. That's because Sheldon Adelson owned Las Vegas' only newspaper; The Las Vegas Review-Journal. It was such a major violation in 2015 that Sheldon had to have his son-in-law secretly make the purchase through a shell company in Connecticut.
Obviously The Jedi predicted this because The Jedi left Las Vegas one week before Sheldon announced the Venetian was for sale.
How Did Sheldon Adelson Convince Taxpayers to Buy a $2 Billion Stadium?
In 2015, Sheldon Adelson secretly bought the Las Vegas Review-Journal, Las Vegas' biggest newspaper. He had to purchase the paper by using his son-in-law, Patrick Dumont, to purchase the paper through a shell company in Connecticut so not even the employees at the Review Journal knew the name of the real owner. It took 3 investigative reporters from the Review-Journal and 6 months to reveal that Sheldon Adelson owned the paper. Did anyone cry Rosebud? You bet.
The Jedi contacted Aaron Ford, Nevada's Attorney General, to ask why he would allow a casino mogul to secretly purchase a newspaper in 2015. It was an election year. In 2016, Adelson and his wife Miriam has given more money to the Trump campaign and the GOP than any other donor. To this day, Miriam and Sheldon are Trump's biggest donors. Miriam even got he Medal of Honor after donating $80 million (investor money). Aaron ford simply ignored The Jedi and looked the other way. Apparently, Aaron Ford has never seen Citizen Kane.
Derek J Stevens (Circa All Adult Hotel) Didn't Get the Memo
The internal memo from the the Las Vegas Sands should indicate to anyone that Las Vegas was in trouble. If you had any doubt, last week Sheldon Adelson, the 44th wealthiest man in the world, decided to divest from Las Vegas.
Further, Caesars went BK, Jim Murren sold out and quit MGM, Steve Wynn sold all his interest in Las Vegas, Lorenzo's Palms went belly up, several casinos are closed forever, Encore just announced its closing during the week and now Sheldon Adelson is completely divesting out of Las Vegas. Virgin postponed their reopening of the Hard Rock so why is Derek J. Stevens, a major Trump supporter, still spending cash to finish to resort on time?
First, there are million dollar bonuses to be paid to McCarthy contractors for finishing on time. Any delay would result in the contractors not getting their kickbacks. A shutdown reveals the frauds like a game of musical chairs. Anyone still spending investors money like Derek Stevens is scamming investors because no one the world is opening a new mega-casino in 2020.
Jedi Rich is a former CEO who transformed from a banker into a modern day independent music & film maker.
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*NOTICE: Ideas and opinions are meant to provoke and initiate conversation