Las Vegas Sands says goodbye to Nevada as it sells its two casinos in the state
By Bob Garcia
The one-time anchor of Sin City wants to concentrate on its Asian operations
Las Vegas Sands (LVS) won’t be a part of Las Vegas any longer.
It has decided that both of its properties in Nevada are going to be sold. The resort and casino company founded by Sheldon Adelson, who passed away in January, has reached a $6.25 deal to sell its pair of casinos and the entities behind that offer are Vici Properties and Apollo Global Management. They will get the Sands Expo and Convention Center, as well as the nearby Venetian, a resort located on the Las Vegas Strip.
Vici is going to buy the land and real estate assets for $4 billion, while Apollo will take the Venetian’s operating company after paying the remaining $2.25 billion. Apollo, a private equity firm that is familiar with casinos, has stated that this purchase might have been risky since Las Vegas has been drastically affected by the pandemic. Therefore, the tourism numbers and conference business have suffered a decline over the past year. It said, “This investment also underscores our conviction in a strong recovery for Las Vegas as vaccines usher in a reopening of leisure and travel in the United States and across the world.”
As a result of leaving Las Vegas, Sands will now be the new company name. According to a press release, the company expressed that this won’t be an easy change, but explained that it will definitely help it explore more markets around the world, such as the fast-growing market in Asia.