Las Vegas Sands to Sell U.S. Properties for $6.25B

Las Vegas Sands is saying goodbye to Las Vegas as it sells its U.S. properties.

The company announced on Wednesday that it has agreed to sell the properties for about $6.25 billion as it focuses on its Asian operations.

Apollo Global Management (APO) will be acquiring all of the company’s Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center for approximately $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement.

VICI Properties will acquire the subsidiaries that hold the real estate and real estate-related assets of The Venetian for approximately $4 billion in cash.

Las Vegas Sands founder and CEO Sheldon Adelson had discussed selling the Las Vegas properties earlier this year before his death.

“Asia remains the backbone of this company, and our developments in Macao and Singapore are the center of our attention,” said chairman and CEO Robert Goldstein in a news release.

COO Patrick Dumont remarked, “Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction.”

CEO Goldstein had said there is still “potential development opportunities domestically.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.