Apollo Funds to Acquire The Venetian Resort and Sands Expo and Convention Center Operating Company from Las Vegas Sands Apollo Global Management, Inc.
Apollo Funds to Acquire Operations of America’s Premier Integrated Resort
VICI to Acquire Real Estate Assets and to Lease Back to Venetian Operating Company
NEW YORK, March 03, 2021 (GLOBE NEWSWIRE) Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by its affiliates (the “Apollo Funds”) have entered into a definitive agreement to acquire The Venetian Resort and Sands Expo and Convention Center Operating Company in Las Vegas (“The Venetian”) from Las Vegas Sands Corporation (NYSE: LVS) (“Las Vegas Sands”).
Las Vegas Sands is selling the Venetian casino resort and Sands Expo and Convention Center for $6.25 billion.
In the two-part deal, VICI Properties will buy the property and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion. Apollo Global Management will acquire the operations of the Venetian for $2.25 billion.
The global pandemic broadsided Las Vegas, shuttering the Strip where Las Vegas Sands is the biggest operator. Sales growth vanished last March as infections spread across the U.S. The company posted a quarterly loss of almost $300 million in January.
The sale comes just two months after the death of CEO and Chairman Sheldon Adelson, who transformed the landmark Las Vegas casino that was once a hangout of Frank Sinatra’s Rat Pack into a towering Italian-inspired complex.
Las Vegas Sands is selling the iconic Venetian casino resort (left) and its Sands Expo and Convention Center, along with the Palazzo (right), two months after the death of Sheldon Adelson (center).
With sale of the Venetian, Las Vegas Sands exits the St accesswdun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accesswdun.com Daily Mail and Mail on Sunday newspapers.
Las Vegas Sands is selling the iconic Venetian casino resort and its Sands Expo and Convention Center for $6.25 billion, withdrawing from gambling operations on the Las Vegas Strip after changing the nature of the casino business there and just about everywhere else