The agreement will see Sands sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center for approximately $6.25bn.
An affiliate of funds managed by affiliates of Apollo Global Manager Inc. will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05bn in cash and $1.2bn in seller financing. Meanwhile, VICI Properties Inc. will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for around $4bn in cash. The closing of the transactions is subject to customary closing conditions.
Sands Executives said that while selling The Venetian, the property that helped establish Sheldon Adelson and his company at the top of the gaming industry, will be bittersweet, the opportunities for the company to pursue new growth prospects are robust.
Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein, commented on the news: “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.”
