Business & Investment

Las Vegas Sands sells Las Vegas property for $ 6.25 billion

Las Vegas Sands We sell Las Vegas. Price tag: $ 6.25 billion.

Vici property On Wednesday, it said it would pay $ 4 billion to real estate such as Venetian, Palazzo and Sands Expo Convention Center. Apollo Global Management will acquire the business for $ 2.25 billion, about half of which will be funded by Sands.

The sale will take place when Las Vegas Sands doubles its investment in Asia. Prior to the pandemic, Sans real estate in Asia accounted for about 90% of revenue, with large investments planned in Macau and Singapore.

“The company is focused on growth and offers significant opportunities in many ways. Asia remains the backbone of the company, Macau and Singapore,” said Robert Goldstein, chairman and CEO, in a statement. Development in Singapore is our focus. ” ..

In Las Vegas, the revenue is Coronavirus closure A sharp drop in business trips and group businesses. In a recent earnings announcement, Goldstein said there was no way for Sands to return to $ 500 million in EBITDA without a full return to the meeting.

Goldstein’s predecessor, founder Sheldon Adelson, was involved in discussions about a future sale. The end of the Las Vegas casino moguls, The person who died in JanuaryRevealed to revenue calls and company executives that his focus and expectations for company growth are centered around Asia.

Still, the sale of real estate in Las Vegas marks the end of the era, but probably not the end of Sands’ business in the United States. Headquartered in Nevada, the company focuses on the so-called gaming superstates of New York and Texas.

Sands is clamoring for a downstate casino license to build an integrated resort in New York City. Game expansion in metropolitan areas is a market estimated to be $ 6 to $ 10 billion in game revenue alone.

In Texas, legalization is still in its infancy, but the market is very attractive due to the lack of population and competition.

Sands is also looking away from Adelson’s long-standing and remarkable opposition to online gaming and looking for sports betting and other digital gambling opportunities.

At this stage, Venetian management is planned to continue to operate the property in Las Vegas after the deal with Apollo is completed.

Las Vegas Sands sells Las Vegas property for $ 6.25 billion Las Vegas Sands sells Las Vegas property for $ 6.25 billion

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