Las Vegas Sands has completed the sale of The Venetian Resort for $6.25 billion to affiliates of Apollo Global Management, Inc. and VICI Properties Inc.
The sale includes The Venetian, Palazzo and Venetian Expo. The transaction was originally announced in March 2021, with Las Vegas Sands stating that it would be focused on its Asian operations and high growth opportunities in new markets.
“The opening of The Venetian more than 20 years ago represents the beginning of the company’s success,” said Las Vegas Sands President and CEO Robert Goldstein. “The property, and most importantly, the people who represent it every day will always remain an indelible part of our history.”
“Looking forward from the sale, we believe that our solid balance sheet and industry-leading portfolio of Integrated Resorts in Macau and Singapore, position the company to experience a new era of opportunity and growth.”
“Key priorities for our company include a strong reinvestment in our portfolio in Asia while simultaneously pursuing new land-based development opportunities and executing on our long-term digital market share strategy,” concluded Goldstein. .
Goldman Sachs & Co. LLC acted as exclusive financial advisor to Sands, with Skadden, Arps, Slate, Meagher & Flom LLP acting as legal advisors.
Patrick Dumont, Las Vegas Sands President and COO commented, “Our commitment to long-term investment in Asia is highlighted by the recently announced US$1 billion reinvestment in Marina Bay Sands in Singapore and the completion of the US$2 renovation, 2 billion from The Londoner. We will continue to place a premium on the growth of our industry-leading resorts in Asia.”
Dumont added that the Sands will retain its corporate headquarters in Las Vegas, saying, “The foundation of this company was built in Las Vegas, and even though the overall size of the organization here is smaller, it’s important to each of us that we continue to strongly support our community”.
