Las Vegas Sands Completes Sale Of U.S. Properties

Las Vegas Sands Completes Sale Of U.S. Properties

Las Vegas Sands Corp. on Thursday announced it has completed the $6.25 billion sale of The Venetian Casino-Resort, Palazzo, and Venetian Expo.

The properties go to affiliates of Apollo Global Management and VICI Properties. Las Vegas Sands no longer has any casinos in the U.S., even though it is nevertheless pursuing 1 in Texas and much less recently Florida. It sold its casino in Pennsylvania just many years ago.

“Looking forward from the sale, we think our sturdy balance sheet and an industry-leading portfolio of Integrated Resorts in Macao and Singapore, position the organization to experience a new era of opportunity and development,” said Sands Chairman and Chief Executive Officer Robert Goldstein.

The strategy is to continue investing in its Asian casino company as nicely as “executing our long-term technique for participating in the digital marketplace,” he said.

Sands does not yet have a presence in the nascent U.S. on the internet gambling business. It didn’t expound on its plans in that space on Thursday.

“Our commitment to lengthy-term investment in Asia is highlighted by the not too long ago announced $1 billion reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2 billion renovation of The Londoner [Macao], and we will continue to location a premium on expanding our business-leading resorts in Asia.,” said Patrick Dumont, the company’s president and chief operating officer.

According to Goldstein, the deal wasn’t about Las Vegas.

“Las Vegas is continually evolving and is constantly in a position to rebound from difficult events like the pandemic and the worldwide economic crisis. We have no doubt its value as an international leisure and company tourism location will only develop in the future as the city continues to innovate and introduce extra attractions and experiences for its visitors,” Goldstein mentioned.

The organization plans to maintain its headquarters in Las Vegas. The sale comes a tiny more than a year soon after the death of Sheldon Adelson, founder of Sands.