Las Vegas Sands Completes Sale Of U.S. PropertiesCompany To Focus On Asia, Online Betting |
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Las Vegas Sands Corp. on Thursday announced it has completed the $6.25 billion sale of The Venetian Casino-Resort, Palazzo, and Venetian Expo.
The properties go to affiliates of Apollo Global Management and VICI Properties. Las Vegas Sands no longer has any casinos in the U.S., though it is still pursuing one in Texas and less recently Florida. It sold its casino in Pennsylvania just several years ago.
“Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of Integrated Resorts in Macao and Singapore, position the company to experience a new era of opportunity and growth," said Sands Chairman and Chief Executive Officer Robert Goldstein.
The plan is to continue investing in its Asian casino business as well as “executing our long-term strategy for participating in the digital marketplace,” he said.
Sands doesn’t yet have a presence in the nascent U.S. online gambling industry. It didn’t expound on its plans in that space on Thursday.
“Our commitment to long-term investment in Asia is highlighted by the recently announced $1 billion reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2 billion renovation of The Londoner [Macao], and we will continue to place a premium on growing our industry-leading resorts in Asia.,” said Patrick Dumont, the company’s president and chief operating officer.
According to Goldstein, the deal wasn’t about Las Vegas.
“Las Vegas is continually evolving and is always able to rebound from challenging events like the pandemic and the global financial crisis. We have no doubt its importance as an international leisure and business tourism destination will only grow in the future as the city continues to innovate and introduce additional attractions and experiences for its visitors,” Goldstein said.
The company plans to maintain its headquarters in Las Vegas. The sale comes a little over a year after the death of Sheldon Adelson, founder of Sands.
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