Las Vegas Sands Corp. is selling off its Las Vegas holdings, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center, for a combined purchase price of $6.25 billion.
The properties are being jointly acquired by Apollo Global Management and Vici Properties, with Apollo set to pay approximately $2.25 billion for their operating assets and Vici Properties purchasing all real estate and real estate-related assets for $4 billion.
In a statement, Sands executives characterized the decision to sell The Venetian as "bittersweet." The 7,000-plus-room resort opened in 1999 and was a cornerstone of success for the Sheldon Adelson, Las Vegas Sands' founder and former chairman and CEO who died in January.
"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 CEO 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."
In addition to furthering its Asia investments, Goldstein added that the company would be eyeing "potential development opportunities domestically" as well.
Las Vegas Sands' Asia holdings comprise the Marina Bay Sands in Singapore, the Sands Macao on the Macau Peninsula and four properties on the Cotai Strip in Macau, including the Venetian Macao, the Plaza and Four Seasons Hotel Macao, the Londoner Macao and the Parisian Macao.