Las Vegas Sands agreed to sell Vici Properties the real estate at its Las Vegas properties: the Venetian, Palazzo and the Sands Expo Convention Center.
Las Vegas Sands is selling up. The price tag: $6.25 billion.
Vici Properties said Wednesday it will pay $4 billion for the real estate which comprises the Venetian, Palazzo and the Sands Expo Convention Center in Las Vegas. Apollo Global Management will buy the operations for $2.25 billion, roughly half financed by Sands.
The deal comes as Las Vegas Sands doubles down on its investments in Asia. Before the pandemic, Sands’ properties in Asia accounted for roughly 90% of its revenue with significant investments planned to expand in Macao and Singapore.
“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,” Las Vegas Sands Chairman and CEO Robert Goldstein said in a statement.