Las Vegas Sands Corp has completed the US$6.25 billion sale of its Las Vegas assets, comprising The Venetian, Palazza and Venetian Expo, the company announced Thursday morning (Asia time).
The transaction, originally announced in March 2021, sees affiliates of Apollo Global Management, Inc acquire LVS subsidiaries that hold the operating assets and liabilities of the Las Vegas business, while VICI Properties Inc acquires the real estate.
“The opening of The Venetian more than 20 years ago represents the beginning of the company’s success,” said LVS Chairman and CEO, Robert Goldstein. “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 Macau and Singapore, position the company to experience a new era of opportunity and growth.”
Goldstein also reiterated the company’s intention to further invest in Asia.
“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,” he said.
LVS President and COO Patrick Dumont added that the company’s commitment to Asia “is highlighted by the recently announced US$1 billion reinvestment at Marina Bay Sands in Singapore and the completion of the US$2.2 billion renovation of The Londoner Macao.
“We will continue to place a premium on growing our industry-leading resorts in Asia,” he said.
Despite no longer owning any Las Vegas assets, LVS confirmed it will maintain its corporate headquarters in the city while remaining active in the local community.