Las Vegas Sands Corp. has confirmed that it has entered agreements to sell it Las Vegas real property and operations for the aggregate purchase of nearly $6.25 billion. Properties impacted include the Venetian Resort Las Vegas and the Sands Expo and Convention Center.
An affiliate of funds managed by affiliates of Apollo Global Management will acquire subsidiaries that hold operating assets of the business for nearly $1.05 billion in cash and $1.2 billion in seller financing in the form a term loan credit and security agreement. VICI Properties will also acquire subsidiaries that hold the real estate and real estate-related assets of the Venetian for approximately $4 billion in cash.
“The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry. As we announce the sale of the Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history,” says Las Vegas Sands chairman and CEO Robert Goldstein. “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.”
“Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction,” adds Las Vegas Sands president and COO Patrick Dumont. “Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities. Our company’s history will always be traced to the opening of the Venetian in Las Vegas.”
