Las Vegas Sands sells its casinos in $6 billion deal CNN 3/3/2021 By Jordan Valinsky, CNN Business © Roger Kisby/Bloomberg/Getty Images Signage is displayed outside the Palazzo at the Venetian Resort in Las Vegas, Nevada, U.S., on Sunday, Oct. 18, 2020. Las Vegas Sands Corp. is scheduled to release earnings figures on October 21. Photographer: Roger Kisby/Bloomberg via Getty Images
Las Vegas Sands Corp., the upscale resort and casino company founded by the late Sheldon Adelson, is leaving its namesake city and selling its two Nevada properties in a $6.25 billion deal.
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Apollo Global Management and Vici Properties are partnering to buy the Venetian, a 7,000 room resort on the Las Vegas Strip, and the nearby Sands Expo and Convention Center. Apollo is paying $2.25 billion for Venetian s operating company and Vici is buying the land and real estate assets for the remaining $4 billion.
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With sale of the Venetian, Las Vegas Sands exits the Strip
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LAS VEGAS, March 3, 2021 /PRNewswire/
Las Vegas Sands Corp. (NYSE: LVS) today announced that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, The Venetian ) for an aggregate purchase price of approximately $6.25 billion.
Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.2 billion in seller financing in the form of a term loan credit and security agreement, and VICI Properties Inc., will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for approximately $4.0 billion in cash. The closing of the transactions is subject to cust