Sands sells its Las Vegas business for $6.25 billion
Hospitality and gaming giant Las Vegas Sands plans to sell its real estate and stake operations in Las Vegas for an aggregate value of US$6.25 billion. The organization is now focused on reinvestment in Asia and promising growth opportunities in emerging markets.
Sands will sell its largest US companies, including The Venetian Resort Las Vegas casino resort and the renowned Sands Expo convention center. The purchaser of operating assets will be funds owned by Apollo's private equity business. The sale of these two properties will amount to $2.25 billion ($1.05 billion in cash and $1.2 billion in financing through a loan agreement and a collateral agreement).
The rest of the Venetian property and related assets will be sold to major investment fund VICI Properties for $4 billion. In 2017, VICI spun off from Caesars to become a stand-alone representative of the US gaming industry.
Alex van Hook, Apollo Partner, stated: infrastructure. In addition, operator entertainment, in our opinion, is well suited for strong recovery and long-term growth. The Las Vegas Sands team, under the leadership and vision of Sheldon Adelson, has created an indispensable asset. It is renowned for its quality, scale and integrated offerings. We see significant investment opportunities.”
Vici Properties President and COO John Payne was not left behind: “We are excited to expand our portfolio of market-leading experiential assets with the iconic Venetian Resort. We have long admired the incomparable size, scale and quality of this object. We are proud to have acquired it at an attractive rate for shareholders. Apollo's vision will greatly benefit the company's operations for years to come."
Las Vegas Sands says both buyers are suitable to create a springboard for new brand growth opportunities as the group looks to pursue a long-standing strategy of reinvesting in Asian markets. 688
Напомним, прибыль нового казино-курорта Макао к 2023 году will be more than 450 million dollars.