The company will now focus its investment across its Asian gaming properties and expansion opportunities in new growth markets.
Under terms of the agreement announced on 3 March 2021, an affiliate of funds managed by affiliates of Apollo Global Management will acquire assets and liabilities through subsidiary acquisitions for approximately $1.05bn in cash and $1.2bn in seller financing. VICI Properties will then acquire real estate subsidiaries relating to The Venetian for approximately $4bn in cash.
Las Vegas Sands Corp commented that the sale is a “bittersweet” moment in the company’s history.
“As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson's legacy while starting a new chapter in this company's history," said Las Vegas Sands chairman and CEO Robert Goldstein.
"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.”
Patrick Dumont, the company's president and chief operating officer, added: "Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction. Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities.”