Las Vegas Sands finalizes sale of The Venetian
With proceeds from sale, Sands is training its sites on investments in Asia.
It is official: Las Vegas Sands Corp. has completed the $6.25bn sale of The Venetian Resort to VICI Properties Inc. and to affiliates of Apollo Global Management.
The Venetian Resort consists of The Venetian, Palazzo and the Venetian Expo.
In negotiating the deal, Goldman Sachs & Co. LLC served as financial advisor to Sands. As legal advisor, the group retained Skadden, Arps, Slate, Meagher & Flom LLP.
With the proceeds from the sale, Sands is hoping to redouble its focus on the Asian market.
According to group Chairman and CEO Robert Goldstein: “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, Sands’ President and COO, underscored recent actions which show that the company puts its money where its mouth is: “Our commitment to long-term investment in Asia is highlighted by the recently announced $1bn 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.”
Despite the pivot to Asia, Sands top brass reiterated the continued significance of Las Vegas, a city that will continue housing the corporate headquarters.
Goldstein spoke to the city’s qualities: “Las Vegas is continually evolving and is always able to rebound from challenging events like the pandemic and the global financial crisis.
“We have no doubt its importance as an international leisure and business tourism destination will only grow in the future as the city continues to innovate and introduce additional attractions and experiences for its visitors.”
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