Las Vegas Sands is selling two properties in Las Vegas as it pursues expansion opportunities in Asia.
US.- Las Vegas Sands has confirmed it is selling two of its properties on the Las Vegas strip.
It will sell the Venetian Resort and Sands Expo and Convention Center for $6.25bn to Vici Properties and Apollo Global Management.
Apollo will pay $2.25bn for the operating company of the 7,000 room resort, while Vici is buying the land and real estate assets for $4bn.
Apollo, a private equity firm, recognised that the purchase was a bet, given the declining traffic on the Las Vegas strip as a result of the Covid-19 pandemic.
The company said in a statement: “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.”
Las Vegas Sands to continue expansion in Asia
The sale comes as Las Vegas Sands moves its focus towards Asia Pacific, particularly Macau and Singapore.
Before the pandemic, Asian markets made up 90 per cent of the company’s revenue.
Las Vegas Sands Chairman and CEO, Robert Goldstein, said in a statement: “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 center of our attention.”
Goldstein took over earlier this year after the company’s founder and CEO Sheldon Adelson passed away.
There were reports that Adelson was considering selling his Las Vegas properties prior to his death.