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The
deal comes as the gambling industry, largely dependent on travel
and tourism, reels from the COVID-19 pandemic.
The properties include the Venetian Resort Las Vegas and the
Sands Expo and Convention Center.
Funds managed by affiliates of Apollo Global Management Inc will
buy the operating company of the Venetian, for $2.25 billion and
VICI Properties will buy the land and real estate assets of the
Venetian for $4.0 billion.
Las Vegas Sands, the biggest operator of casinos by revenue on
the Vegas Strip, said the deal underscores the company's
strategy of reinvesting in its Asian operations, with a focus on
Macao and Singapore.
Shares of the company were up 3% in premarket trading.
Las Vegas Sands's properties in Macau and Singapore accounted
for 48% and 35% of total revenue in 2020, respectively,
according to Refinitiv Eikon data.
"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,"
said Alex van Hoek, partner at Apollo Global Management.
(Reporting by Sanjana Shivdas and Noor Zainab Hussain Bengaluru;
Editing by Maju Samuel)
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