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Less than two months after founder Sheldon Adelson died at the age of 87, Las Vegas Sands company is pulling out of the Las Vegas market, selling its Vegas properties (The Venetian, Palazzo and Sands Expo and Convention Center) for US$6.25 billion, after a good run of 30 years, in order to focus more on Asia, which includes Singapore as well as Macau, the world’s largest gambling hub.
The deal include three hotel towers – The Venetian Tower is a 35-story, three-winged building with 3,015 suites; the Palazzo Tower is a 50-story building with 3,064 suites; and the Venezia Tower is a 12-story building with 1,013 suites – the resort’s casino which includes 225,000 square feet of gaming space, 210 table games and 1,480 slot machines and electronic table games and the the Sands Expo and Convention Center, one of the largest convention and trade show facilities in the United States with 1.2 million square feet of leasable display space on multiple floors.
VICI Properties will buy the property and all assets associated with the Venetian and the interconnected Palazzo, along with the Sands Expo for $4 billion. Apollo Global Management will acquire the operations of the Venetian for $2.25 billion.
“As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history,” said Las Vegas Sands chairman and CEO Robert Goldstein in a statement. “This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company, and our developments in Macao and Singapore are the center of our attention.”
After the deal Las Vegas Sands Company is also shortening its name to Sands as a result of leaving Las Vegas.