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Las Vegas Sands Corp, a major luxury resort and casino company sold $ 6.25 billion

Las Vegas Sands Corp., a major luxury resort and casino company sold $ 6.25 billion; This is according to CNN published on March 3.

Las Vegas Sands Corp, a major luxury resort and casino company sold $ 6.25 billion

Capital management firm Apollo Global Management and real estate firm Vici Properties are teaming up to acquire The Venetian Las Vegas luxury hotel and casino with 7,000 rooms. Across the Las Vegas Strip near the Sands Expo and Convention Center.

Apollo to spend $ 2.25 billion on Venetian operator Vici and $ 4 billion to buy land and other assets.

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Apollo says the acquisition is a big risk as the number of tourists and convention businesses in Las Vegas plummeted. A year ago, due to an outbreak of the Covid-19 virus.

The company added: "This investment also reflects our strong belief that the Las Vegas economy will recover. "Vaccines are pushing the recreation and tourism sector back in the United States and around the world."

Las Vegas Sands has reduced its name to Sands due to relocation from Las Vegas. The company said in a statement that the move was "happy and sad" and would help it focus on emerging markets such as Asia and so on.

Las Vegas Sands Corp, a major luxury resort and casino company sold $ 6.25 billion

Robert Venstein, CEO of Sands, said: “Venetian has changed the face of future casino development and will strengthen Sheldon Adelson's legacy as one of the most influential individuals in the history of the gaming and hospitality industry. Venetian Luxury Hotel and Resort opened in 1999, helping to make Sands the largest casino company in the world.

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Sheldon Adelson considered selling his Las Vegas casino before his death, according to media reports. January 11, early 2021, at the age of 87.

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