{"id":449228,"date":"2021-03-03T06:33:34","date_gmt":"2021-03-03T11:33:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=449228"},"modified":"2021-03-03T06:33:34","modified_gmt":"2021-03-03T11:33:34","slug":"sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\/","title":{"rendered":"Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Company Focused on Reinvestment in Asia and High Growth Opportunities in New Markets<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">LAS VEGAS<\/span>, <span class=\"xn-chron\">March 3, 2021<\/span> \/PRNewswire\/ &#8212;<b>\u00a0<\/b>Las Vegas Sands Corp. (NYSE: LVS) today announced that it has entered into definitive agreements to sell its <span class=\"xn-location\">Las Vegas<\/span> real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, &#8220;The Venetian&#8221;) for an aggregate purchase price of approximately <span class=\"xn-money\">$6.25 billion<\/span>. <\/p>\n<p>Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. will acquire subsidiaries that hold the operating assets and liabilities of the <span class=\"xn-location\">Las Vegas<\/span> business for approximately <span class=\"xn-money\">$1.05 billion<\/span> in cash, subject to certain post-closing adjustments, and <span class=\"xn-money\">$1.2 billion<\/span> in seller financing in the form of a term loan credit and security agreement, and VICI Properties Inc., will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for approximately <span class=\"xn-money\">$4.0 billion<\/span> in cash.\u00a0The closing of the transactions is subject to customary closing conditions, including regulatory approvals. Goldman Sachs &amp; Co. LLC acted as exclusive financial advisor to Las Vegas Sands. Skadden, Arps, Slate, Meagher &amp; Flom LLP served as legal advisor.<\/p>\n<p>Sands executives said that while selling The Venetian, the property that helped establish <span class=\"xn-person\">Sheldon Adelson<\/span> and his company at the top of the gaming industry, will be bittersweet, the opportunities for the company to pursue new growth prospects are robust. <\/p>\n<p>&#8220;The Venetian changed the face of future casino development and cemented <span class=\"xn-person\">Sheldon Adelson&#8217;s<\/span> legacy as one of the most influential people in the history of the gaming and hospitality industry. \u00a0As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson&#8217;s legacy while starting a new chapter in this company&#8217;s history,&#8221; said Las Vegas Sands Chairman and Chief Executive Officer <span class=\"xn-person\">Robert Goldstein<\/span>. &#8220;This company is focused on growth, and we see meaningful opportunities on a variety of fronts.\u00a0 <span class=\"xn-location\">Asia<\/span> remains the backbone of this company and our developments in <span class=\"xn-location\">Macao<\/span> and <span class=\"xn-location\">Singapore<\/span> are the center of our attention. We will always look for ways to reinvest in our properties and those communities.\u00a0 There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company.&#8221; <\/p>\n<p>&#8220;Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction.\u00a0 Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities,&#8221; said <span class=\"xn-person\">Patrick Dumont<\/span>, the company&#8217;s president and chief operating officer. <\/p>\n<p>Mr. Dumont added, &#8220;Our company&#8217;s history will always be traced to the opening of The Venetian in Las Vegas.\u00a0 Today, Sands is the most valuable gaming company in the world with an established track record of success in developing and operating large-scale integrated resorts in <span class=\"xn-location\">Asia<\/span> and the United States.\u00a0 The company&#8217;s financial strength, which grows stronger as a result of this deal, gives us the flexibility to pursue a multitude of new development opportunities,&#8221; <\/p>\n<p>Mr. Goldstein, who once served as the president and chief operating officer of The Venetian and the connected Palazzo Resort, said it would be difficult saying goodbye to many long-time colleagues, but he was confident the property will continue its great success.\u00a0 He also said Apollo and VICI were the right companies to lead the property into the future and that additions like the MSG Sphere, a live performance venue being developed by <span class=\"xn-person\">Madison Square Garden<\/span>, will create new growth opportunities for the property.<\/p>\n<p>&#8220;The property is a best-in-class asset with a talented team of people operating it. I am confident <span class=\"xn-location\">Las Vegas<\/span> will soon return to a more normal operating environment and The Venetian&#8217;s hard-working and dedicated team members will continue delivering a world-class experience to guests eager to enjoy it.\u00a0 I know I will be rooting for them,&#8221; he said.<\/p>\n<p>\n        <b>About Las Vegas Sands Corp. (NYSE: LVS)<\/b>\n      <\/p>\n<p>Las Vegas Sands\u00a0is the world&#8217;s preeminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.\u00a0\u00a0<\/p>\n<p>Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses. <\/p>\n<p>Our properties include <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=152778653&amp;u=https%3A%2F%2Fwww.venetian.com%2F&amp;a=The+Venetian+Resort\" rel=\"nofollow noopener noreferrer\">The Venetian Resort<\/a> and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=3307988105&amp;u=http%3A%2F%2Fwww.sandsexpo.com%2F&amp;a=Sands+Expo\" rel=\"nofollow noopener noreferrer\">Sands Expo<\/a> in <span class=\"xn-location\">Las Vegas<\/span>, and the iconic <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=1324769150&amp;u=http%3A%2F%2Fwww.marinabaysands.com%2F&amp;a=Marina+Bay+Sands\" rel=\"nofollow noopener noreferrer\"><span class=\"xn-person\">Marina Bay Sands<\/span><\/a> in <span class=\"xn-location\">Singapore<\/span>. Through majority ownership in\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=4070093868&amp;u=http%3A%2F%2Fwww.sandschina.com%2F&amp;a=Sands+China+Ltd.\" rel=\"nofollow noopener noreferrer\">Sands China Ltd.<\/a>, we have developed the largest portfolio of properties on the Cotai Strip in <span class=\"xn-location\">Macao<\/span>, including <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=1911675785&amp;u=http%3A%2F%2Fwww.venetianmacao.com%2F&amp;a=The+Venetian+Macao\" rel=\"nofollow noopener noreferrer\">The Venetian Macao<\/a>, <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=2588485054&amp;u=http%3A%2F%2Fwww.theplazamacao.com%2F&amp;a=The+Plaza\" rel=\"nofollow noopener noreferrer\">The Plaza<\/a> and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=2939480317&amp;u=http%3A%2F%2Fwww.fourseasons.com%2Fmacau&amp;a=Four+Seasons+Hotel+Macao\" rel=\"nofollow noopener noreferrer\">Four Seasons Hotel Macao<\/a>, <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=2120736423&amp;u=https%3A%2F%2Fwww.londonermacao.com%2F&amp;a=The+Londoner+Macao\" rel=\"nofollow noopener noreferrer\">The Londoner Macao<\/a> and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=3053307877&amp;u=http%3A%2F%2Fwww.parisianmacao.com%2F&amp;a=The+Parisian+Macao\" rel=\"nofollow noopener noreferrer\">The Parisian Macao<\/a>, as well as the <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=2139792565&amp;u=http%3A%2F%2Fwww.sandsmacao.com%2F&amp;a=Sands+Macao\" rel=\"nofollow noopener noreferrer\">Sands <span class=\"xn-location\">Macao<\/span><\/a> on the <span class=\"xn-location\">Macao Peninsula<\/span>.<\/p>\n<p>Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities.\u00a0 We deliver a great working environment for our team members worldwide, drive social impact through the <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=3350392401&amp;u=http%3A%2F%2Fwww.sands.com%2Fsands-cares%2Four-commitment.html&amp;a=Sands+Cares\" rel=\"nofollow noopener noreferrer\"><span id=\"spanHghlt9e2e\">Sands Cares<\/span><\/a> community engagement and charitable giving program and lead in environmental performance through the award-winning <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=586877594&amp;u=http%3A%2F%2Fwww.sands.com%2Fsands-eco-360%2Four-vision.html&amp;a=Sands+ECO360\" rel=\"nofollow noopener noreferrer\"><span id=\"spanHghltdd0e\">Sands ECO360<\/span><\/a> global sustainability program. To learn more, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=3679410991&amp;u=http%3A%2F%2Fwww.sands.com%2F&amp;a=www.sands.com\" rel=\"nofollow noopener noreferrer\">www.sands.com<\/a>.<\/p>\n<p>\n        <b>Forward-Looking Statements<\/b>\n      <\/p>\n<p>This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company&#8217;s control, which may cause material differences in actual results, performance or other expectations. Statements that are not historical or current facts, including statements about beliefs and expectations and statements relating to the proposed transaction involving the company, Apollo Global Management, Inc. and VICI Properties Inc., are forward-looking statements. These forward-looking statements are often, but not always, made through the use of words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;continuing,&#8221; &#8220;ongoing,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;opportunity&#8221; and similar words or phrases or the negatives of these words or phrases. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including, but not limited to: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; our ability to invest in future growth opportunities; execute our previously announced capital expenditure programs in both <span class=\"xn-location\">Macao<\/span> and <span class=\"xn-location\">Singapore<\/span>, and produce future returns; new development, construction and ventures; the satisfaction of the conditions precedent to the consummation of the proposed transaction, including, the receipt of regulatory approvals; unanticipated difficulties or expenditures relating to the proposed transaction; legal proceedings, judgments or settlements, including those that may be instituted against the company, the company&#8217;s board of directors and executive officers and others following the announcement of the proposed transaction; disruptions of current plans and operations caused by the announcement and pendency of the proposed transaction; potential difficulties in employee retention due to the announcement and pendency of the proposed transaction; the response of customers, suppliers, business partners and regulators to the announcement of the proposed transaction; and other risks and uncertainties and the factors identified under &#8220;Risk Factors&#8221; in Part I, Item 1A of the company&#8217;s Annual Report on Form 10-K for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, and updated in subsequent reports filed by the company with the SEC. These reports are available at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3084945-1&amp;h=3242148588&amp;u=http%3A%2F%2Fwww.sec.gov%2F&amp;a=www.sec.gov\" rel=\"nofollow noopener noreferrer\">www.sec.gov<\/a>. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update them in light of new information or future events.<\/p>\n<p>\n        <b>Contacts:<\/b>\n      <\/p>\n<p>Investment Community:<br \/><span class=\"xn-person\">Daniel Briggs<\/span><br \/>(702) 414-1221<\/p>\n<p>Media:<br \/><span class=\"xn-person\">Ron Reese<\/span><br \/>(702) 414-3607<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2942\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/458496\/LVS_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/458496\/LVS_Logo.jpg\" title=\"LVSC Logo (PRNewsfoto\/Las Vegas Sands)\" alt=\"LVSC Logo (PRNewsfoto\/Las Vegas Sands)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA97301&amp;sd=2021-03-03\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion-301239369.html\">http:\/\/www.prnewswire.com\/news-releases\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion-301239369.html<\/a><\/p>\n<p>SOURCE  Las Vegas Sands Corp.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA97301&amp;Transmission_Id=202103030630PR_NEWS_USPR_____LA97301&amp;DateId=20210303\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Company Focused on Reinvestment in Asia and High Growth Opportunities in New Markets PR Newswire LAS VEGAS, March 3, 2021 \/PRNewswire\/ &#8212;\u00a0Las Vegas Sands Corp. (NYSE: LVS) today announced that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, &#8220;The Venetian&#8221;) for an aggregate purchase price of approximately $6.25 billion. Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.2 billion in seller financing &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-449228","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Company Focused on Reinvestment in Asia and High Growth Opportunities in New Markets PR Newswire LAS VEGAS, March 3, 2021 \/PRNewswire\/ &#8212;\u00a0Las Vegas Sands Corp. (NYSE: LVS) today announced that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, &#8220;The Venetian&#8221;) for an aggregate purchase price of approximately $6.25 billion. Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.2 billion in seller financing &hellip; Continue reading &quot;Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-03T11:33:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/458496\/LVS_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion\",\"datePublished\":\"2021-03-03T11:33:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\\\/\"},\"wordCount\":1308,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/458496\\\/LVS_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sands-reaches-agreement-to-sell-las-vegas-properties-for-6-25-billion\\\/\",\"name\":\"Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion - 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(NYSE: LVS) today announced that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, &#8220;The Venetian&#8221;) for an aggregate purchase price of approximately $6.25 billion. 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