Sands completes $6.25bn sale of Las Vegas properties and operations
The deal, agreed in March 2021, includes the sale of the entire Venetian Resort, comprising The Venetian, Palazzo and Venetian Expo properties.
The original agreement stated Sands would sell the subsidiaries that operate its US business to funds held by the private equity business Apollo for $1.05bn in cash and $1.20bn in seller financing.
Meanwhile, the Venetian’s real estate and related assets will be sold to VICI, the real estate investment trust that was spun off from Caesars in 2017, for $4.00bn in cash.
“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,” Las Vegas Sands chairman and chief executive Robert Goldstein said.
“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.”
Patrick Dumont, president and chief operating officer of Las Vegas Sands, also said while the sale would allow the operator to focus more on its operations and expansion plans in Asia, it would maintain its corporate headquarters in Las Vegas.
“Our commitment to long-term investment in Asia is highlighted by the recently announced $1.0bn reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2bn renovation of The Londoner, and we will continue to place a premium on growing our industry-leading resorts in Asia,” Dumont said.
“The foundation of this company was built in Las Vegas, and even though the overall size of the organisation here will be smaller, it is important to each of us that we continue to strongly support our community.”
The sale comes after Las Vegas Sands last month announced revenue figures of $4.23bn for 2021, a 43.9% increase when compared to 2020.