The sale of the properties marks the major casino resort operator’s exit from Las Vegas. The above amount is in line with what analysts predicted Sands may scoop when it first revealed back in October that discussions over the potential sale of The Venetian and the Sands Expo and Convention Center were under way. The deal is subject to regulatory approval and is expected to close in the fourth quarter of the year. Once the transaction closes, Apollo will enter into a long-term, triple net lease agreement with VICI for the gambling resort. The deal values The Venetian and the convention center at $6.25 billion. Real estate investment trust VICI Properties will buy the land and real estate assets of the two venues for $4 billion.
The company announced that it has entered into a definitive agreement to purchase the operating company of the luxury casino resort and the adjacent Sands Expo and Convention Center for $2.25 billion from owner Las Vegas Sands. US private equity firm Apollo Global Management has added The Venetian Resort Las Vegas to its bulging portfolio of gambling assets, news emerged Wednesday.
