LAS VEGAS, NV – Las Vegas Sands has entered into an agreement to sell its Vegas property and operations – including the Venetian Resort and the Sands Expo and Convention Center – for a total of $6.25 billion to several companies, signifying that significant changes are likely to come for the iconic Las Vegas Strip casino.
VICI Properties Inc. will be purchasing both the land and real estate assets of the Venetian Resort and the Sands Expo and Convention Center for $4 billion in cash, reports say. In addition, Apollo Global Management – a private-equity firm – will acquire the Venetian Resort’s operating company for $2.25 billion.
The sales will be finalized once Nevada regulators have issued their approval; however, the Nevada Gaming Control Board has already “unanimously signed off on Apollo Global Management’s purchase of the Venetian, Palazzo and Venetian Expo, indicating one of the largest Las Vegas Strip asset sales announced in 2021 is closer to wrapping up.”
Reports indicate that Sands is selling its Southern Nevada properties due to the nearly insurmountable competition from Caesars and MGM, who control a large portion of the famed Las Vegas Strip. In contrast, Sands have instead pivoted their attention to their properties in Macau and Singapore, according to Chief Executive Robert Goldstein.
“This company is focused on growth, and we see meaningful opportunities on a variety of fronts,” he said. “Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities.”
However, Sands is still expressing a continued interest in developing and expanding their remaining assets in the United States as well, Goldstein said.
“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 said.
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