Las Vegas Sands Corp. has plans to sell its Las Vegas property and operations for $6.25 billion to Apollo Global Management and VICI Properties, the independent REIT created by Caesars Entertainment.
Under terms of the deal, Apollo will buy the operating company of The Venetian, which includes the Venetian Resort and the Sands Expo and Convention Center, for $2.25 billion, and VICI will buy the land and real estate assets of The Venetian for $4 billion. Las Vegas Sands said Asia remains the “backbone” of the company, and its development opportunities in Macao and Singapore are at the center of the company’s attention.
“Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction,” said Patrick Dumont, COO. “Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities.”