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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VICI Properties Inc. ( VICI Properties or the Company ) announced today it has entered into definitive agreements to acquire from Las Vegas Sands Corp. ( LVS ) all of the land and real estate assets associated with the Venetian Resort Las Vegas and the Sands Expo and Convention Center, located in Las Vegas, Nevada (collectively, the Venetian Resort ), for $4.
Sands Casino sells Las Vegas business, bets big on Asia
4 Mar, 2021 06:46 PM
4 minutes to read
Other
By: Michelle Chapman
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.
The name of the Venetian, the expo center as well as the Palazzo, the Sands luxury casino and resort that is part of the same complex, will remain, and the company s headquarters will stay in Las Vegas.
But the company led by Sheldon Adelson until his death this year will effectively cease U.S. operations. Under Adelson, the company s focus turned to Asia years ago, where revenue eventually outpaced even the operations on the Las Vegas Strip.