Las Vegas Sands Sells Its Marquee Las Vegas Facility

Las Vegas Sands Sells Its Marquee Las Vegas Facility

Published: March 1, 2022

Las Vegas Sands has finalized the $7.9 billion sale of its two Las Vegas-based properties, The Venetian Resort Las Vegas and the Sands Expo & Convention Center, with Vici Properties and Apollo Global Management becoming the new owners of the said facilities.

Apollo Global Management has bought the operations of these venues for $2.8 billion, while Vici Properties has paid $5.1 billion to acquire all real estate and land assets. The deal was originally announced in March last year.

Following the completion of the deal, Las Vegas Sands expressed tremendous confidence in the facilities’ future potential and the city in general.

Las Vegas pointed out the area’s importance to worldwide leisure and tourism, which is set to further grow in the future. In addition, the company’s corporate headquarters will remain in Vegas.

This will allow Las Vegas Sands to focus its attention on Asia, where it plans a long-term commitment. The list of investments includes a $1.3 billion capital reinvestment of Marina Bay Sands in Singapore and the renovation of The Londoner in Macau, worth $2.8 billion.

With the completion of the deal, Apollo has engaged in a triple-net lease agreement with the real estate investment trust Vici, which comprises an initial yearly rent of around $318 million for a term of thirty years.

According to the available information, the agreement includes two ten-year tenant renewal options. Vici also has the right to fund up to $1.3 billion in extra development at the site via Partner Property Growth Fund.

About The Venetian

The Venetian is a three-tower hotel with over 7,000 all-suite rooms and 225,000 square feet of gaming space (including around 210 table games and nearly 1,500 slots and electronic casino games).

That’s why it comes as no surprise that Apollo describes it as a marquee property on the famous Las Vegas strip. The luxury hotel and casino resort was opened in May 1999.

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