Las Vegas Sand Corporation has agreed to sell its property and operations in Las Vegas for a cool $6.25 billion, coming after the death of founder Sheldon Adelson in January.
The deal includes the Venetian Resort and Sands Expo and Convention Center (better known as The Venetian) as well as a few other entities for the colossal sum. The deal has been signed off with Apollo Global Management, who will now take control of the assets.
How Is the Deal Structured?
According to a press release from Las Vegas Sands, Apollo Global Management will pay just over a billion dollars in cash for the business’s operating assets and liabilities, alongside a further $1.2 billion in loan credit. Meanwhile, VICI Properties will acquire the subsidiaries and the real estate assets (such as The Venetian) for approximately $4 billion, paid in cash.
What’s Next for Las Vegas Sands and The Venetian?
Las Vegas Sands will continue to thrive over in Asia, where the company is already plotting to reinvest in their Asian operations heavily. Some of those top properties include the Marina Bay sands located in Singapore and numerous Macao-based businesses. These include The Cotai Strip, The Venetian (Macao), The Plaza and Four Seasons Hotel, The Londoner, The Parisian, and Sands Macao.
There has been no current word on what VICI Properties and Apollo Global Management have in store for The Venetian Sands and Expo and Convention Center. However, with the COVID-19 vaccination program now well underway in the United States, many are turning their attention to the reopening of society, and in Las Vegas, that means casinos and resorts.
It is unlikely that the new owners will want to abandon one of Las Vegas’s most iconic and prosperous casinos and resorts, so expect The Venetian Sands to reopen again in the immediate future fully.