Las Vegas Sands Corp. is selling its two Nevada properties

Las Vegas Sands Corp., which is focusing on reinvestment in Asia and high growth opportunities in new markets, has entered into definitive agreements to sell its two Las Vegas properties to Apollo Global Management and Vici Properties. The two companies are teaming up to buy the Venetian and the Sands Expo and Convention Center in a $6.25 billion deal.

Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management. will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.2 billion in seller financing in the form of a term loan credit and security agreement, and VICI Properties, will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for approximately $4.0 billion in cash.

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. 

"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", said Las Vegas Sands Chairman and Chief Executive Officer 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. We will always look for ways to reinvest in our properties and those communities.  There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company”, he added.

"Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction.  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. Today, Sands is the most valuable gaming company in the world with an established track record of success in developing and operating large-scale integrated resorts in Asia and the United States. The company's financial strength, which grows stronger as a result of this deal, gives us the flexibility to pursue a multitude of new development opportunities," commented Patrick Dumont, the company's president and chief operating officer.