Sands has left Las Vegas and sold the Venetian as their main focus is now on Asia
Las Vegas Sands will for now on be known as just ‘Sands’ as it has sold both of its Las Vegas properties, The Venetian Resort and the Sands Expo and Convention Centre.
The deal is set to be worth a huge $6.25billion.
The buyers
Apollo Global Management and Vici Properties are partnering up to buy the two available properties.
Apollo will pay $2.25billion for the Venetian’s operating company while Vici is spending $4billion to acquire the land and any real estate assets.
Apollo see this as a huge risk as Las Vegas heavily relies on tourism and conference business (MICE tourism too) and this industry has drastically declined since the pandemic entered the world.
‘This investment also underscores our conviction in a strong recovery for Las Vegas as vaccines usher in a reopening of leisure and travel in the United States and across the world’
From Las Vegas Sands to Sands
As a result Las Vegas Sands is shortening its name to just Sands since it will no longer have a presence in Las Vegas.
The change is set to allow Sands to focus on the faster growing markets, specifically Asia.
Robert Goldstein, Sands CEO and Chairman, said:
‘The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry.
This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention.
We will always look for ways to reinvest in our properties and those communities. There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company.’
The famous investor
The sale comes some two months after the death of Sands Chief executive and chairman, Sheldon Adelson as the corporation looks to expand its operations in Singapore and Macau.
Sands are also in the process of building a London-themed resort in Macau with the help from David Beckham. The footballing legend has helped design several suites in the Londoner Macau while Gordon Ramsey’s restaurant will also be part of this massive resort.
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