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Sands sells all Las Vegas assets, focus now on reinvestment in Asia
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Las Vegas Sands has reached an agreement with two separate investment groups that will see it sell its entire Las Vegas portfolio for US$6.25 billion.
The company announced late Wednesday (Asia time) that funds managed by affiliates of Apollo Global Management, Inc will acquire LVS subsidiaries that hold the operating assets and liabilities of the Las Vegas business for US$1.05 billion in cash and US$1.2 billion in seller financing in the form of a term loan credit and security agreement. The company’s real estate assets, including The Venetian Resort Las Vegas and Sands Expo and Convention Center, will be acquired by VICI Properties Inc for approximately US$4.0 billion in cash.