In a deal worth $6.25 billion, Las Vegas Sands announced the sale of all of its Las Vegas property, including the Venetian Resort Las Vegas (popular with poker players for the venue’s Venetian Deepstack Extravaganza series of tournaments), and the Sands Expo and Convention Center. Sands leaves Las Vegas will now focus on its casino properties in Macau and Singapore, where the company makes the bulk of its revenues.
Real estate investment trust VICI Properties will take control of the Las Vegas real estate, paying $4.0 billion towards the deal, while Apollo Global Management is buying the operating assets and liabilities of Sands’ Las Vegas businesses for the remaining $2.25 billion.
It remains to be seen who will operate the Venetian. Caesars would be the likely candidate given its close relationship with VICI Properties, which was a Caesers spin-off company. Caesars operates VICI’s two other Las Vegas properties, Harrah’s Las Vegas and Caesars Palace.
The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry
– Las Vegas Sands chairman and chief executive officer Robert Goldstein.