Las Vegas Sands closes sale of Venetian Resort, convention center
LAS VEGAS (KSNV) — Las Vegas Sands has closed the $6.25 billion sale of The Venetian Resort and adjacent convention center on the Strip.
Funds managed by affiliates of Apollo Global Management completed the acquisition of the casino resort, a spokesperson said Wednesday.
Two sales agreements were first announced back in March last year, just two months after the death of Las Vegas Sands CEO and Chairman Sheldon Adelson.
VICI Properties was set to purchase the real estate for $4 billion, while Apollo would acquire the operations of the Venetian for $2.25 billion. The convention space will now be known as The Venetian Expo.
Apollo says the current executive leadership team will continue to oversee the Venetian's operations moving forward, adding that the company is committed to maintaining workplace integrity for all employees.
"We couldn't be more excited for the future of The Venetian Resort Las Vegas and The Venetian Expo," David Sambur, Apollo Partner and Co-Head Private Equity, said in a press release. "With restrictions lifting and travel indicators all trending higher, we believe the future for this property and the entire Las Vegas consumer and business tourism market is brighter than ever."
Las Vegas Sands has said the sale would help position the company for growth in Macao and Singapore.
"The opening of The Venetian more than 20 years ago represents the beginning of the company's success," CEO and Chairman Robert Goldstein said in a statement. "The property, and most importantly, the people who represent it every day will always remain indelible parts of our history."
Sands' headquarters will remain in Las Vegas, and the company says it will still be active in the community.
