Venetian casino in Las Vegas sold

A slice of Las Vegas Sands property in Nevada is being sold so that the group can refocus on Asia and opportunities in new markets.

It has entered into definitive agreements to sell its Las Vegas property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for $6.25bn.

Under the terms of the agreement, an affiliate of funds managed by affiliates of Apoloo Global Management will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for $1.05bn in cash and $1.25bn in seller financing in the form of a tem loan credit and security agreement.

Also VICI Properties will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for $4bn in cash.

Sands said in a release that selling The Venetian would be “bitter-sweet” as The Ventian helped establish the late Sheldon Adelson and his company at the top of the gaming industry. “But the opportunities for the company to pursue new growth prospects are robust.”

The group’s COO Robert Dumont added: “Our company’s history will always be traced to the opening of The Venetian in Las Vegas.  Today, Sands is the most valuable gaming company in the world with an established track record of success in developing and operating large-scale integrated resorts in Asia and the US. 

“The company’s financial strength, which grows stronger as a result of this deal, gives us the flexibility to pursue a multitude of new development opportunities.”