In a completely shocking move today, Las Vegas Sands, the company built by its late Founder and CEO Sheldon Adelson, has announced it has sold its Las Vegas real estate operations, including The Venetian Resort Hotel and Sands Expo and Convention Center, for 6.25 billion. Here’s the full press release:
Company Focused on Reinvestment in Asia and High Growth Opportunities in New Markets
LAS VEGAS, March 3, 2021 – Las Vegas Sands Corp. (NYSE: LVS) today announced that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, “The Venetian”) for an aggregate purchase price of approximately $6.25 billion.
Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.2 billion in seller financing in the form of a term loan credit and security agreement, and VICI Properties Inc., will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for approximately $4.0 billion in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Las Vegas Sands. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor.
Sands executives said that while selling The Venetian, the property that helped establish Sheldon Adelson and his company at the top of the gaming industry, will be bittersweet, the opportunities for the company to pursue new growth prospects are robust.
“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,” said Las Vegas Sands Chairman and Chief Executive Officer 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. 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.”
“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,” said Patrick Dumont, the company’s president and chief operating officer.
Mr. Dumont added, “Our company’s history will always be traced to the opening of The Venetian in Las Vegas. Today, Sands is the most valuable gaming company in the world with an established track record of success in developing and operating large-scale integrated resorts in Asia and the United States. The company’s financial strength, which grows stronger as a result of this deal, gives us the flexibility to pursue a multitude of new development opportunities,”
Mr. Goldstein, who once served as the president and chief operating officer of The Venetian and the connected Palazzo Resort, said it would be difficult saying goodbye to many long-time colleagues, but he was confident the property will continue its great success. He also said Apollo and VICI were the right companies to lead the property into the future and that additions like the MSG Sphere, a live performance venue being developed by Madison Square Garden, will create new growth opportunities for the property.
“The property is a best-in-class asset with a talented team of people operating it. I am confident Las Vegas will soon return to a more normal operating environment and The Venetian’s hard-working and dedicated team members will continue delivering a world-class experience to guests eager to enjoy it. I know I will be rooting for them,” he said.
About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas Sands is the world’s preeminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.
Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.
Our properties include The Venetian Resort and Sands Expo in Las Vegas, and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.
Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares community engagement and charitable giving program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.
More on this move, and its implications for Las Vegas, and in particular the Las Vegas Raiders and Allegiant Stadium, here at OaklandNewsNow.com
Related Posts (YARPP)
Oakland News Now Recent Posts
- Nba Time For The 76ers To Trade Ben Simmons- By Eric Pangilinan
- Maria Ayerdi Kaplan: Salesforce Transit Center Should Have Her Statue In Front Of It, Marc Beinoff
- Dave Kaval Headed Back To Las Vegas, After The Howard Terminal City Of Oakland Alameda County Fiasco
- What Atlanta 1 Step From NBA Finals 1 Year After Donald Trump, Rayshard Brooks, The Pandemic, Means
- Atlanta Hawks Shock Philadelphia 76ers 103 – 96 – Off To 2021 Eastern Conference Finals
- Louis Riddick Says Raiders Issue Always Been Defense Not Derek Carr – By Eric Pangilinan
- Boxing Errol Spence Jr Belives He Is The big Dog- By Eric Pangilinan
- Gus Bradley Putting In New Defense System For The Raiders By – Eric Pangilinan
- Philippines Orders Biggest Doese Of Covid Vaccine
- Nba Western Conference Finals Devin Booker Shines By- Eric Pangilinan
- Deep Dish Pizza – Lou Malnati’s Pizzeria Classic Style At Uptown Plaza, Phoenix, 100 E Camelback Rd
- Gus Bradley Putting In New Defense System For The Raiders By- Eric Pangilinan
- 2021 Juneteenth Shooting At Oakland Lake Merritt Shows Some Black Kids Don’t Value Black Life – Our Fault
- Juneteenth Lake Merritt Shooting: Oakland City Council’s Nikki Fortunado Bas, Carroll Fife Statement
- Kumasi Aaron Of ABC 7 At Juneteenth Jubilee Oakland, Produced By Oakland City Council’s Loren Taylor
- Juneteenth Walk Down Broadway In Oakland Brings Back Memories For Instagram Poster
- 1 dead, others injured after shots fired at Lake Merritt
- Brooklyn Loses NBA Playoffs Game 7 To Milwalkee 115 – 111 Kevin Durant Reverts To Warriors Time
- NBA Super Teams Dont Win Right Away By- Eric Pangilinan
- Kevin Durant Is God Reaction – Hits Tie Shot To Send Game 7 Vs Bucks To Overtime