Sands to Sell Vegas Hotels to Apollo, Vici for $6.25 Billion
Article summary
Bloomberg) — 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 $6.25 billion, refocusing the company on its successful Asian resorts and other potential opportunities in the U.S. Apollo will run the properties, which will be owned by Vici, a real estate investment trust, the companies said in a statement Wednesday. 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. Sands rose as much as 2.8% to $66.77 in New York trading, while Apollo gained 2% to $50.90 and Vici was up 2.3% to $29.12. Sands signaled last year that it no longer viewed Las Vegas, its home turf, as a priority when it tapped advisers to solicit interest in the properties. […] Goldman Sachs Group Inc. acted as financial adviser to Las Vegas Sands in the latest deal.
