Las Vegas Sands Leaves Vegas Following $6 Billion Sale

Las Vegas Sands have come to an agreement with two companies to sell all its assets and interests in Las Vegas for a sum total of $6.25 billion, the statement from all parties clarifies the deal that Las Vegas Sands business interests including The Venetian Resort Las Vegas and the Sands Expo and Convention Centre.

In a statement Las Vegas Sands said that it will receive $2.25 billion from Apollo Global Management for the operational assets of the company, in essence all casino operations and convention centre operations along with hotel business.

Then Real estate investment firm Vici Properties will pay $4 billion to Las Vegas Sands for the land and real estate assets and charge back Apollo $250 million on rental of the properties for a period of 30 years.

On the deal Las Vegas Sands said: “As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history.”

“This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the centre of our attention.

“We will always look for ways to reinvest in our properties and those communities. There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company.”

Alex van Hoek, Apollo Partner, said: “The Venetian is America’s premier integrated resort, with an unrivaled set of amenities to serve guests across hospitality, meeting events, gaming, and entertainment – categories that we believe are well positioned for strong recovery and long-term growth.

“The team at Las Vegas Sands, under the leadership and vision of Sheldon Adelson, built an irreplaceable asset that is renowned for its quality, scale and integrated offerings, and we see significant opportunity to invest in and accelerate its growth.

“This investment also underscores our conviction in a strong recovery for Las Vegas as vaccines usher in a reopening of leisure and travel in the United States and across the world.”

John Payne, president and COO of Vici Properties, said on the deal: “We are absolutely thrilled to enhance our portfolio of market-leading experiential assets with the iconic Venetian Resort complex.

“We have long admired the incomparable size, scale and quality of the Venetian Resort and are proud to opportunistically acquire the asset at an attractive, accretive cap rate for shareholders. Additionally, we are confident Apollo’s vision will greatly benefit the property’s operations for years to come.”