The Venetian Resort Sold By Las Vegas Sands for $6.25B
The casino operator Las Vegas Sands (NYSE: LVS) has announced that it has reached an agreement to sell its Las Vegas properties and operations for $6.25 billion. The deal includes The Venetian Resort Las Vegas, as well as the Sands Expo and Convention Center.
Ownership of the subsidiary companies that run the US business will transfer to private equity business Apollo for $1.05 billion in cash and $1.2 billion in seller financing through a loan credit and security agreement. Furthermore, VICI Properties will gain subsidiaries that hold the real estate assets of The Venetian for roughly $4 billion in cash.
Apollo recently acquired IGT’s Italian B2C operations for $1.15 billion through its finance subsidiary Gamenet Group. Furthermore, in December 2020, Apollo received shareholder approval to acquire the casino operator Great Canadian Gaming for $1.9 billion. It also invested €500 million in the European gaming conglomerate Sakza Group.
VICI Properties is a real estate investment trust that separated from Caesars in 2017. The company CEO, Ed Pitoniak, has called The Venetian Resort a truly monumental property, and he said that the company is proud to be taking on the legacy of Sheldon Adelson, one of the great American place-makers of the last century.
Robert Goldstein, Las Vegas Sands’ chairman and CEO, has said that the company has placed Macau and Singapore at the head of its strategy. The company is also set to pursue expanding into the digital marketplace, in the form of iGaming and online sports betting.
Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction. Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities.