Deals
Sands to Sell Vegas Hotels to Apollo, Vici for $6.25 Billion
- Apollo will run the properties, which will be owned by Vici
- Las Vegas Sands’ founder, Sheldon Adelson, died in January
Photographer: Roger Kisby/Bloomberg
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Las Vegas Sands Corp., the world’s largest casino operator by market value, agreed to sell its properties in Las Vegas to Apollo Global Management Inc. and Vici Properties Inc. for $6.25 billion, refocusing the company on its successful Asian resorts and other potential opportunities in the U.S.
Apollo will run the properties, which will be owned by Vici, a real estate investment trust, the companies said in a statement Wednesday. The Venetian, Palazzo and related convention facilities in Vegas contributed less than 15% of the company’s revenue in 2019, before the coronavirus pandemic hit.