Opened over two decades ago, the iconic Venetian Resort in Las Vegas has been sold by Las Vegas Sands Corporation to affiliates of Apollo Global Management and VICI Properties.
Originally announced almost a year ago, this full transaction includes The Venetian, Palazzo and Venetian Expo, with Las Vegas Sands shifting its focus to Asia and new market opportunities.
“The property, and most importantly, the people who represent it every day will always remain indelible parts of our history, commented Robert Goldstein, Chairman & CEO of Las Vegas Sands. “Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of integrated resorts in Macao and Singapore, position the company to experience a new era of opportunity and growth. The top priorities for our company include heavily reinvesting in our portfolio in Asia while at the same time pursuing new land-based development opportunities and executing our long-term strategy for participating in the digital marketplace.”
Patrick Dumont, Las Vegas Sands President & COO added: “Our commitment to long-term investment in Asia is highlighted by the recently announced $1bn reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2bn renovation of The Londoner, and we will continue to place a premium on growing our industry-leading resorts in Asia.”