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Las Vegas Sands today announced it has completed the approximately $6.25 billion sale of The Venetian Resort (The Venetian, Palazzo and Venetian Expo) to affiliates of Apollo Global Management, Inc. and VICI Properties Inc. Apollo is buying the operating business of the Venetian for $2.25 billion. And VICI Properties, a public traded REIT (real estate investment trust), will buy the land and real estate assets for the remaining $4 billion.
Sands will heavily focuses in Asia and pursue future development opportunities there. The company recently announced $1 billion reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2 billion renovation of The Londoner in Macau. However, the headquarter will remain in Las Vegas.
“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," said Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein.
Goldstein believes in the future of The Venetian, and Las Vegas in general. “Las Vegas is continually evolving and is always able to rebound from challenging events like the pandemic and the global financial crisis. We have no doubt its importance as an international leisure and business tourism destination will only grow in the future as the city continues to innovate and introduce additional attractions and experiences for its visitors,” said Goldstein.
Source: Las Vegas Sands
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