After three decades, 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 US$6.25 billion.
The properties are being jointly acquired by Apollo Global Management and Vici Properties, with Apollo set to pay approximately US$2.25 billion for their operating assets and Vici Properties purchasing all real estate and real estate-related assets for US$4 billion.
With this sale, Las Vegas Sands will also now officially be referred to as Sands, according to a CNN report.
In a statement, Sands executives characterised the decision to sell The Venetian as "bittersweet". The 7,000-plus-room resort opened in 1999 and was a cornerstone of success for 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 Macau and Singapore are the centre of our attention."
The Macau and Singapore markets accounted for 48% and 35% of the company's 2020 revenue respectively, according to a Straits Times article reporting Refinitiv Eikon data.
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 recently launched Londoner Macao and the Parisian Macao.
Source: Travel Weekly