Las Vegas Sands Corp. has completed the sale of The Venetian Resort for $6.25bn to affiliates of Apollo Global Management, Inc. and VICI Properties Inc.
The sale includes The Venetian, Palazzo and Venetian Expo. The transaction was originally announced in March 2021, with Las Vegas Sands stating it would be focusing on its Asian operations and high growth opportunities in new markets.
“The opening of The Venetian more than 20 years ago represents the beginning of the company’s success,” said Las Vegas Sands Chairman and CEO Robert Goldstein. “The property, and most importantly, the people who represent it every day will always remain indelible parts of our history.
“Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of Integrated Resorts in Macao and Singapore, position the company to experience a new era of opportunity and growth.
“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.”
Goldman Sachs & Co. LLC acted as exclusive financial advisor to Las Vegas Sands, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal advisor.
Patrick Dumont, Las Vegas Sands President and COO commented: “Our commitment to long-term investment in Asia is highlighted by the recently announced $1bn reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2bn renovation of The Londoner, and we will continue to place a premium on growing our industry-leading resorts in Asia.”
Dumont added that Sands will maintain its corporate headquarters in Las Vegas, saying: “The foundation of this company was built in Las Vegas, and even though the overall size of the organisation here will be smaller, it is important to each of us that we continue to strongly support our community.”