Casino giant Las Vegas Sands sold its legendary Las Vegas casino The Venetian.
Macau.- Las Vegas Sands has completed the sale of its Las Vegas casino portfolio for US$6.25bn to private equity firm Apollo Global Management and VICI Properties. Apollo has acquired the operating company for US$2.25bn while Vici Properties bought the real estate assets for US$4bn.
Last March, the company had said it was going to sell its world-famous Venetian casino to invest in its Asian businesses. The deal leaves LVS with no assets in the U.S. although the company has previously said it would not rule out exploring opportunities in the future.
Chairman and CEO Rob Goldstein said: “Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of Integrated Resorts in Macau and Singapore, position the company to experience a new era of opportunity and growth.”
In Singapore, the company has announced it will expand its Marina Bay Sands resort. The US$1bn upgrade of its existing hotel space will be completed in phases between 2022 and 2023. The renovation project is separate from Las Vegas Sands’ 2019 commitment to the Singapore government to invest S$4.5bn (US$3.3bn) in the expansion of the Marina Bay Sands hotel.