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Las Vegas Sands Corp to sell Vegas properties for USD6.25 billion
Las Vegas Sands Corp is selling its Vegas real estate property and operations as it focuses on Asia.
It includes the sale of The Venetian Resort Las Vegas and the Sands Expo and Convention Center for a total purchase price of about $6.25 billion.
Funds managed by affiliates of Apollo Global Management will buy the operating company of the Venetian, for $2.25 billion.
VICI Properties will purchase the land and real estate assets of the Venetian for $4 billion.
"This investment also underscores our conviction in a strong recovery for Las Vegas as vaccines usher in a reopening of leisure and travel in the United States and across the world," said Alex van Hoek, partner at Apollo Global Management.
Las Vegas Sands is the largest operator by revenue on the Strip but even that is only a small percentage of overall sales.
Nearly half of all revenues come from properties in Asia’s gambling hub Macau.
"This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention," said Sands’ Chairman and Chief Executive Officer Robert Goldstein.
"Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction."
The Venetian will continue to be successful under new ownership as a ‘best-in-class asset with a talented team,’ he said.
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