LAS VEGAS (KLAS) — Las Vegas Sands Corporation is selling its properties on the Las Vegas Strip, the company announced Wednesday.
Those properties include the Venetian, Palazzo and the Sands Expo and Convention Center. The deal is worth approximately $6.25 billion.
Apollo Global Management will take over the hotel and expo center, while VICI Properties will manage other real estate assets.
This comes just two months after the death of former Las Vegas Sands owner Sheldon Adelson. The 87-year-old billionaire died Jan. 11 from complications related to his treatment of non-Hodgkin’s lymphoma.
David Schwartz, gaming expert at UNLV, said it was too early to tell what impact the sale might have on employees.
“It’s hard to tell. Obviously, the new owners are buying a very successful resort, so I’m not sure they would plan any changes,” Schwartz said. “But certainly, it’s done very well in the past, so they would hopefully want to keep a lot of what made it so successful.”
Could more changes be coming?
“I think Las Vegas is always in transition. There’s always people coming and going,” Schwartz said. “But I think the deck has been reshuffled so much over the past year, I wouldn’t be surprised to see more changes like this happening.”
The company calls the deal “bittersweet” and says it will focus on fast-growing markets in Asia.
“The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry. As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history,” said Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein. “This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities. 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.”
Schwartz said said the ties between Las Vegas and Macau remain important, even with Sands moving on.
“Since Macau opened up to American investment more than 15 years ago, it’s been a part of Las Vegas. Not just because the companies who own casinos here also own them there, but because there’s been a lot of high rollers from China who come from China and gamble in Las Vegas, so it really has been a major part of Las Vegas for about 15 years now.”
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