Las Vegas Sands Corp. (NYSE: LVS) today announced it has completed the approximately $6.25 billion sale of The Venetian Resort (The Venetian, Palazzo and Venetian Expo) to affiliates of Apollo Global Management, Inc. and VICI Properties Inc.
"The opening of The Venetian more than 20 years ago represents the beginning of the company's success. The property, and most importantly, the people who represent it every day will always remain indelible parts of our history," said Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein. "Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of Integrated Resorts in Macao and Singapore, position the company to experience a new era of opportunity and growth."
"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," Mr. Goldstein stated.
"Our commitment to long-term investment in Asia is highlighted by the recently announced $1 billion reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2 billion renovation of The Londoner, and we will continue to place a premium on growing our industry-leading resorts in Asia.," said Patrick Dumont, the company's president and chief operating officer.
Mr. Dumont said Sands will maintain its corporate headquarters in Las Vegas and will remain active in the community. "The foundation of this company was built in Las Vegas, and even though the overall size of the organization here will be smaller, it is important to each of us that we continue to strongly support our community."
Goldman Sachs & Co. LLC acted as exclusive financial advisor to Las Vegas Sands. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor.