{"id":44789,"date":"2021-03-04T07:38:58","date_gmt":"2021-03-04T07:38:58","guid":{"rendered":"https:\/\/gaming-awards.com\/NEWS\/?p=44789"},"modified":"2021-03-04T07:38:58","modified_gmt":"2021-03-04T07:38:58","slug":"las-vegas-sands-leaves-vegas-following-6-billion-sale","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/las-vegas-sands-leaves-vegas-following-6-billion-sale\/","title":{"rendered":"Las Vegas Sands Leaves Vegas Following $6 Billion Sale"},"content":{"rendered":"

\"\"Las Vegas Sands<\/a> have come to an agreement with two companies to sell all its assets and interests in Las Vegas<\/a> 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\u00a0and the\u00a0Sands Expo\u00a0and Convention Centre.<\/p>\n

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

Then Real estate investment firm\u00a0Vici Properties\u00a0will 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.<\/p>\n

On the deal Las Vegas Sands said: \u201cAs we announce the sale of The Venetian Resort<\/a>, we pay tribute to Mr. Adelson\u2019s legacy while starting a new chapter in this company\u2019s history.\u201d<\/p>\n

\u201cThis 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.<\/p>\n

\u201cWe 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.\u201d<\/p>\n

Alex van Hoek, Apollo Partner, said: \u201cThe Venetian is America\u2019s premier integrated resort, with an unrivaled set of amenities to serve guests across hospitality, meeting events, gaming, and entertainment \u2013 categories that we believe are well positioned for strong recovery and long-term growth.<\/p>\n

\u201cThe 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.<\/p>\n

\u201cThis 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.\u201d<\/p>\n

John Payne, president and COO of Vici Properties, said on the deal: \u201cWe are absolutely thrilled to enhance our portfolio of market-leading experiential assets with the iconic Venetian Resort complex.<\/p>\n

\u201cWe 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\u2019s vision will greatly benefit the property\u2019s operations for years to come.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u00a0and the\u00a0Sands Expo\u00a0and Convention Centre. In a statement […]<\/p>\n","protected":false},"author":5,"featured_media":44790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,11,8,18],"tags":[],"class_list":["post-44789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gaming","category-headlines","category-latest","category-n-america"],"yoast_head":"\nLas Vegas Sands Leaves Vegas Following $6 Billion Sale - iGaming Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gaming-awards.com\/NEWS\/las-vegas-sands-leaves-vegas-following-6-billion-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Sands Leaves Vegas Following $6 Billion Sale - iGaming Post\" \/>\n<meta property=\"og:description\" content=\"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\u00a0and the\u00a0Sands Expo\u00a0and Convention Centre. 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