Sands will sell the subsidiaries that operate its US business to funds held by the private equity business Apollo for $1.05bn in cash and $1.20bn in seller financing, through a loan credit and security agreement.
Meanwhile, the Venetian’s real estate and related assets will be sold to VICI for $4.00bn in cash. VICI is a real estate investment trust that was spun off from Caesars in 2017 and has acquired many other casino properties.
Las Vegas Sands chairman and chief executive officer Robert Goldstein said the property had been a very important part of Sands’ history, as it helped establish the legacy of Las Vegas Sands founder Sheldon Adelson.
Adelson died in January at the age of 87, with Golstein taking over his roles at the head of the operator and its board.
“The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry,” Goldstein said. “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.