One iconic property on the Las Vegas Strip comprises three adjoining buildings: the Venetian, the Palazzo, and the Sands Expo Convention Center. All will be sold by Las Vegas Sands Corp. to Apollo Global Management and Vici Properties for $6.25 billion.
The deal comes in the months following the death of Las Vegas Sands Corp. founder in January 2021. The company will now focus on its properties in Macau and Singapore, two fast-growing gambling markets in Asia.
The Details Of The Deal
Vici Properties will purchase the three pieces of real estate on the property for $4 billion. This company also owns Harrah’s, Horseshoe, and Caesars properties across the US, two of which are also on the Las Vegas Strip.
Apollo Global Management purchased the operations of the three properties for $2.25 billion, which also owns Harrah’s. While the deal for the Las Vegas Sands Corp. property is yet to be finalized, the Venetian management staff is expected to continue operating as usual after the deal goes through. That would extend to the Palazzo as well as the Sands Expo Convention Center.
That means there’s not much expected to change for gamblers visiting the Las Vegas Strip. If you’re already accustomed to staying at the Venetian or Palazzo—or attending a convention at the Sands Expo—you can look forward to the same experience.
Has Las Vegas Sands Corp. Left The US?
The soon-to-be-former owner of the Venetian properties will remove the “Las Vegas” from its name to become Sands Corp., but it might not leave the United States entirely.
The Venetian properties were bringing in around 13% of Sands Corp. business. Most of the rest came from its Asian properties, which include Marina Bay Sands in Singapore as well as ten properties in Macau (The Londoner, Sands Macau, Parisian Macau, and more).
However, Sands Corp. has been pushing to open a downstate New York casino as well as a casino in Texas, both areas with huge populations and very little competition.
Further, Sheldon Adelson was strongly against online gaming, but that aversion was set aside following his death. Given the growing online gambling market in the US, Sands Corp. may launch online products in states like Michigan, Pennsylvania, and New Jersey, all of which legalized online casinos, mobile sports betting, and poker sites.
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