Sands to sell Vegas hotels to Apollo, Vici for US$6.25bil

Focused on growth: The Venetian Hotel and Casino on the Las Vegas Strip. Las Vegas Sands is selling the real estate and operations of its Venetian casino resort and Sands Expo and Convention Center to Vici Properties and Apollo Global Management. — AP

LAS VEGAS: Las Vegas Sands Corp, the world’s largest casino operator by market value, agreed to sell its properties in Las Vegas to Apollo Global Management Inc and Vici Properties Inc for US$6.25bil (RM25.6bil), refocusing the company on its successful Asian resorts and other potential opportunities in the US

Apollo will run the properties, which will be owned by Vici, a real estate investment trust, the companies said in a statement yesterday. The Venetian, Palazzo and related convention facilities in Vegas contributed less than 15% of the company’s revenue in 2019, before the coronavirus pandemic hit.