Las Vegas Sands Corporation has announced that it has completed the sale of its landmark Las Vegas Strip properties, the Venetian and Palazzo casino resorts and their operations in deals worth a combined $6.25 billion (€5.6 billion).
According to a statement released by the company, guests at both properties and visitors to the Venetian Expo convention center would see very few changes. The statement also confirmed that the names of the properties will remain the same.
George Markantonis, CEO of The Venetian Resort, said the management team will also stay in place:
“We have an exciting opportunity to build on our past successes while capturing future opportunities.”
The deals see New York-based VICI Properties acquire the Venetian Resort and Expo along with the Palazzo for $4 billion (€3.6 billion) while Apollo Global Management purchased the Venetian’s operations for $2.25 billion (€2 billion). Apollo had previously confirmed that it has agreed terms a long-term lease on the properties in question.
Speaking of the sale, Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein said:
“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.”
In a statement released by Apollo, David Sambur, Apollo Partner and Co-Head of Private Equity said:
“We’re thrilled to complete the acquisition of The Venetian, a premier Las Vegas resort that’s backed by a world-class team. Over the last year, we have only grown more excited by the recovery and outlook for Las Vegas and in particular The Venetian, where we can invest behind an unrivaled set of guest amenities and experiences. Sheldon Adelson was a true visionary in building The Venetian more than two decades ago and we look forward to sustaining its success in this next chapter.”
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.