Posted on: December 9, 2024, 12:44h.
Last updated on: December 9, 2024, 02:02h.
Las Vegas Sands has made one of its largest donations in recent years. The recepient is the University of Nevada, Las Vegas (UNLV), which received the $15 million grant from the casino operator to establish the Institute of Chinese Language and Culture.
On Monday, UNLV confirmed receipt of the gift with a public release. The establishment of the Sands Institute for Chinese Language and Culture at UNLV was approved by the Nevada System of Higher Education Board of Regents during its quarterly meeting on December 5.
The Sands Institute for Chinese Language and Culture at UNLV will serve as a vital resource for students, scholars, and the broader community to immerse themselves in the rich cultural heritage of China. We are honored to support an initiative that will enhance Chinese cultural literacy and provide significant opportunities for meaningful intercultural dialogue in one of the world’s most visible cities and one of its most dynamic universities,” said Sands Chairman and Chief Executive Officer Robert Goldstein.
The Sands Institute will offer a range of programs and courses designed to promote “appreciation and understanding” of the Chinese language, culture, traditions, and history. UNLV students and community members will be afforded courses in learning Mandarin, cultural programming such as film screenings, art exhibitions, musical performances, and student and faculty exchanges.
The institute will be housed in UNLV’s newly renovated Maryland Administrative Building.
Sands Focused on Asia
Though Las Vegas is part of its name, Sands no longer owns or operates any casinos in Las Vegas or the United States.
The company divested The Venetian Resort and its sister property Palazzo in 2021 for $6.25 billion. The selloff additionally included the Sands Expo and Convention Center. Sands previously sold Sands Bethlehem in Pennsylvania for $1.3 billion.
Sands remains the world’s largest casino operator in terms of market capitalization with a value north of $40 billion. The company continues to own and run integrated resort (IR) casinos in China’s Macau and Singapore.
Sands is amid major investments at its five IRs in Macau and Marina Bay Sands in Singapore.
The company controlled by Dr. Miriam Adelson, the widow of the firm’s late founder Sheldon Adelson, is committing around $8 billion to expand Marina Bay Sands. The property is considered the gold standard of the IR industry, or the notion of all-encompassing resorts where guests don’t leave or need to leave the property for the duration of their stay.
In Macau, Sands is investing $3.5 billion through mostly nongaming projects.
US Focus
Back stateside, Las Vegas Sands is pursuing a casino license on New York’s Long Island at the Nassau Coliseum. The company also continues to lobby lawmakers in Texas to legalize commercial gambling.
In late 2023, Dr. Adelson acquired a 73% stake in the NBA Dallas Mavericks from billionaire Mark Cuban for more than $3.5 billion. Cuban, long supportive of Texas becoming home to Las Vegas-style casinos, has suggested that he and Sands would build a new NBA arena accompanied by an IR should a change come to Texas law that currently prohibits slot machines, table games, and sports betting.
