Vegas’ Venetian Resort Sold for $6.25 Billion
The sale of The Venetian Resort in Las Vegas has been completed by Las Vegas Sands Corp. for $6.25 billion. It has been purchased by affiliates of Apollo Global Management, Inc. and VICI Properties Inc.
The sale comes a year after the death of former Las Vegas Sands CEO Sheldon Adelson and includes The Venetian, Palazzo, and Venetian Expo. News about it first broke in March 2021, and at the time, Las Vegas Sands said that it would be focusing on its Asian operations and growth opportunities in new markets.
The opening of The Venetian more than 20 years ago represents the beginning of the company’s success. The property, and most importantly, the people who represent it every day will always remain indelible parts of our history. Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of Integrated Resorts in Macao and Singapore, position the company to experience a new era of opportunity and growth. The top priorities for our company include heavily reinvesting in our portfolio in Asia while at the same time pursuing new land-based development opportunities and executing our long-term strategy for participating in the digital marketplace.
For the sale, Goldman Sachs & Co. LLC acted as exclusive financial advisor to Las Vegas Sands, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal advisor.
The Las Vegas Sands President and COO Patrick Dumont said that the company’s commitment to investment in Asia is exemplified by its $1 billion reinvestment in Marina Bay Sands and the completion of a $2.2 billion renovation of The Londoner.
Dumont added that Sands will keep its Las Vegas corporate headquarters, saying: “The foundation of this company was built in Las Vegas, and even though the overall size of the organization here will be smaller, it is important to each of us that we continue to strongly support our community.”
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