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Las Vegas Sands Corp. (NYSE: LVS) is selling the Venetian Resort Las Vegas and the Sands Expo and Convention Center for approximately $6.25 billion.
What Happened: The divestiture is divided between two entities: VICI Properties will acquire the property and all associated assets for $4 billion, while
Apollo Global Management (NYSE: APO) purchased the operations of the Venetian for $2.25 billion.
The Venetian opened in 1999 under the ownership of Sheldon Adelson, a co-founder of the COMDEX tech industry trade show. The property cost $1.5 billion to construct, a record for its time, and was built on the site of the Sands Hotel and Casino, which gained pop culture immortality for hosting the Rat Pack concerts in 1960.
With sale of the Venetian, Las Vegas Sands exits the St accesswdun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accesswdun.com Daily Mail and Mail on Sunday newspapers.
What The $6.25 Billion Deal For The Las Vegas Venetian, Sands Expo Means For Gaming
03/03/21 AT 11:39 AM
Las Vegas Sands Corp. (LVS) has entered into a $6.25 billion deal to sell off its Las Vegas property and operations, including the Venetian Resort and Sands Expo and Convention Center, just weeks after the death of its founder.
The deal with Apollo Global Management will include about $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement. VICI Properties will acquire the real estate and related assets of The Venetian for about $4 billion cash.
The news of the sell-off of the Las Vegas properties comes just after Las Vegas Sands founder Sheldon Adelson’s death in January. Sheldon bought the Sands hotel and casino for $110 million in 1988 and launched a massive renovation and expansion project, The Wall Street Journal reported.
Sands To Leave Las Vegas As It Agrees To Sell Strip Assets For $6 25 Billion forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.