Las Vegas Sands has given one of its biggest contributions in recent years. The recipient is the University of Nevada, Las Vegas (UNLV), which obtained the $15 million grant from the casino operator to create the Institute of Chinese Language and Culture.
On Monday, UNLV acknowledged the receipt of the donation through a public announcement. The Nevada System of Higher Education Board of Regents approved the creation of the Sands Institute for Chinese Language and Culture at UNLV in their quarterly meeting held 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 plans to provide various programs and courses aimed at fostering “appreciation and understanding” of the Chinese language, culture, traditions, and history. Students at UNLV and local residents will have opportunities to take Mandarin classes, participate in cultural events like film showings, art displays, music concerts, as well as engage in exchanges between students and faculty.
The institute will reside in the newly updated Maryland Administrative Building at UNLV.
Sands Concentrated on Asia
Even though Las Vegas is included in its name, Sands no longer possesses or manages any casinos in Las Vegas or anywhere in the United States.
In 2021, the company sold The Venetian Resort and its accompanying property Palazzo for $6.25 billion. The selloff also encompassed the Sands Expo and Convention Center. Sands earlier sold Sands Bethlehem in Pennsylvania for $1.3 billion.
Sands continues to be the globe's biggest casino operator based on market capitalization, valued at over $40 billion. The firm still possesses and operates integrated resort (IR) casinos in Macau and Singapore.
Sands is currently making significant investments at its five integrated resorts in Macau and at Marina Bay Sands in Singapore.
The firm overseen by Dr. Miriam Adelson, the spouse of the late founder Sheldon Adelson, is investing approximately $8 billion to enhance Marina Bay Sands. The property is viewed as the pinnacle of the IR industry, embodying the idea of inclusive resorts where visitors remain on-site and have no need to depart for the entirety of their visit.
In Macau, Sands is dedicating $3.5 billion primarily to non-gaming initiatives.
US Emphasis
Back in the U.S., Las Vegas Sands is seeking a casino license at the Nassau Coliseum on Long Island, New York. The company is also actively urging Texas lawmakers to approve commercial gambling.
In late 2023, Dr. Adelson purchased a 73% ownership in the NBA Dallas Mavericks from billionaire Mark Cuban for over $3.5 billion. Cuban, who has long advocated for Texas to host Las Vegas-style casinos, has proposed that he and Sands would develop a new NBA arena alongside an integrated resort if Texas law changes to allow slot machines, table games, and sports betting.
