Las Vegas Sands will be selling the iconic Venetian casino resort along with its Sands Expo and Convention Center for USD 6.25 billion. The Las Vegas Sands has come to this conclusion as the brand will be changing the nature of the casino business. There will be no changes in the name of the Venetian, the expo center, the luxury casino, or the resort. The headquarters of the company will also remain in Las Vegas only.
The COVID-19 pandemic broadsided Las Vegas and sales growth vanished last March. The infections spread across the US and the company witnessed a loss of USD 300 Million in January. The company which was led by Sheldon Adelson (prior to his death earlier this year) will cease operations in the US as the focus of the company turned to Asia years ago. Adelson had mainly moved his attention to Asia after his company had an explosive growth in Las Vegas. However, in the past decade, their operations in Asia outgrew the ones in the US.
According to the two-part deal, VICI Properties will buy the casino, resort, and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for USD 4 billion. The property of the Venetian will be acquired by Apollo Global Management for USD 2.25 billion. The sale of this iconic casino comes two months after the death of the billionaire casino mogul Adelson passed away. The company run by Adelson had reframed their target audience in Vegas as they primarily started focusing on conventioneers and families.
Robert Goldstein, Chairman, and CEO of the resort said “As we declare the sale of The Venetian Resort, we pay our salute to Mr. Adelson’s legacy. We will be starting a new chapter in this company’s history, focusing mainly on growth, and look for significant opportunities on various fronts. Asia remains the mainstay of this company and our developments in Macau and Singapore are the center of our attention.”