Resort and gaming giant Las Vegas Sands has announced the sale of its Las Vegas operations and properties to Apollo and VICI Properties, respectively.
Apollo and its affiliates agreed to pay $1.05 billion in cash and $1.2 billion the form of seller financing in order to acquire the operations side of the business. On the other hand, VICI Properties, a gaming real estate investment trust, has agreed to pay $4 billion for the underlying property.
Included in the transaction are the Venetian Hotel and the Sands Expo and Convention Center. The former has been a flagship property for the company for over two decades.
The proceeds are expected to be used to return capital to shareholders and reinvest in Asian operations. Goldman Sachs served as financial advisor to LVS on the transaction.