Sands sells all Las Vegas assets, focus now on reinvestment in Asia
2.1k
VIEWS
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.
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.
Share this article
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
What The $6.25 Billion Deal For The Las Vegas Venetian, Sands Expo Means For Gaming
03/03/21 AT 11:39 AM
Las Vegas Sands Corp. (LVS) has entered into a $6.25 billion deal to sell off its Las Vegas property and operations, including the Venetian Resort and Sands Expo and Convention Center, just weeks after the death of its founder.
The deal with Apollo Global Management will include about $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement. VICI Properties will acquire the real estate and related assets of The Venetian for about $4 billion cash.
The news of the sell-off of the Las Vegas properties comes just after Las Vegas Sands founder Sheldon Adelson’s death in January. Sheldon bought the Sands hotel and casino for $110 million in 1988 and launched a massive renovation and expansion project, The Wall Street Journal reported.