The Venetian Las Vegas is finally sold

The Venetian Las Vegas is finally sold

Casino operator Las Vegas Sands Corp announced on Wednesday the completion of the US$6.25-billion sale of The Venetian Resort in Las Vegas, Nevada, in the United States.

The buyers are affiliates respectively of private equity firm Apollo Global Management Inc, and VICI Properties Inc. The latter is a real estate investment trust involved in the casino property sector.

In March last year, U.S.-based Las Vegas Sands said it had an agreement to sell its Las Vegas venues and operations for US$6.25 billion.

“Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of integrated resorts in Macau and Singapore, position the company to experience a new era of opportunity and growth,” said Las Vegas Sands chairman and chief executive Robert Goldstein, quoted in a company press release announcing the completion of The Venetian Las Vegas sale.

Las Vegas Sands is the parent of Macau casino operator Sands China Ltd, and of Marina Bay Sands Pte Ltd, the operator of the Marina Bay Sands casino resort in Singapore.

Mr Goldstein said in his prepared remarks featured in Wednesday’s release, that the “top priorities” for Las Vegas Sands included “heavily reinvesting in our portfolio in Asia”, “pursuing new land-based development opportunities” and executing the firm’s “long-term strategy for participating in the digital marketplace.”

When the firm announced in March last year the agreement to sell The Venetian Resort in Nevada, Las Vegas Sands had mentioned it was “focused on reinvestment in Asia and high-growth opportunities in new markets.”

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