Las Vegas Sands completes $6.25bn sale of The Venetian Resort
Las Vegas Sands has completed the sale of its Las Vegas assets to VICI Properties and funds controlled by Apollo Global Management.
US.- Las Vegas Sands has announced the closing of the $6.25bn sale of the Venetian Resort, comprising The Venetian, Palazzo and Venetian Expo properties, to private equity firm Apollo Global Management and real estate investment trust VICI Properties.
According to the original agreement announced in March 2021, Sands would sell the subsidiaries that operate its US business to funds for $1.05bn in cash and $1.20bn in seller financing, and the Venetian’s real estate and related assets to VICI for $4bn in cash.
Las Vegas Sands chairman and CEO Robert Goldstein said: “The opening of The Venetian more than 20 years ago represents the beginning of the company’s success. The property, and most importantly, the people who represent it every day will always remain indelible parts of our history.
“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.
“The top priorities for our company include heavily reinvesting in our portfolio in Asia while at the same time pursuing new land-based development opportunities and executing our long-term strategy for participating in the digital marketplace.”
Patrick Dumont, president and chief operating officer of Las Vegas Sands, added: “Our commitment to long-term investment in Asia is highlighted by the recently announced $1.0bn reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2bn renovation of The Londoner, and we will continue to place a premium on growing our industry-leading resorts in Asia.”
He confirmed the company will maintain its corporate headquarters in the city.
“The foundation of this company was built in Las Vegas, and even though the overall size of the organisation here will be smaller, it is important to each of us that we continue to strongly support our community,” he said.
