Las Vegas Sands has announced that it has decided to sell some of its strip properties in the Vegas to a private equity fund and a real estate investment trust that specializes in casino assets.
The company has decided to sell the Venetian, the Palazzo, and the Sands Expo and Convention Center for an aggregate purchase price of approximately $6.25 billion.
These high profile properties have been sold to an affiliate of Apollo Global Management, Inc., and Vici Properties Inc.
These properties were hallmark of its founder Sheldon Adelson, who died two months ago. His successor Robert Goldstein stated that the company would be Asia facing company and that he was paying tribute to Adelson by selling of these high end properties.
Now the company which was built by Adelon, has left few Asian Properties which includes The Londoner Macao and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.
As per Gambling.com, Las Vegas Sands Chairman and CEO Robert Goldstein 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. 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.”
He added, “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.”