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The Venetian in Las Vegas. Photo Credit: S-F/Shutterstock.com
Las Vegas Sands Corp. is selling off its Las Vegas holdings, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center, for a combined purchase price of $6.25 billion.
The properties are being jointly acquired by Apollo Global Management and Vici Properties, with Apollo set to pay approximately $2.25 billion for their operating assets and Vici Properties purchasing all real estate and real estate-related assets for $4 billion.
In a statement, Sands executives characterized the decision to sell The Venetian as bittersweet. The 7,000-plus-room resort opened in 1999 and was a cornerstone of success for the Sheldon Adelson, Las Vegas Sands founder and former chairman and CEO who died in January.
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