End Of An Era: Sands Sells Strip Properties For $6.25 Billion

Las Vegas NV

03 March, 2021

5:49 PM

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By The Nevada Independent Staff, the Nevada Independent March 3rd, 2021 Two months after the death of founder Sheldon Adelson, Las Vegas Sands has sold its Las Vegas Strip properties, ending an era that began with a long-ago imploded casino that was once home to the Rat Pack. The company has sold The Venetian, its convention center and connected Palazzo for $6.25 billion in a complex financial transaction to two firms that have experience in Strip purchases — Apollo Global Management and Vici Properties, which has a large photo of its prime asset, Caesars Palace, on its home page. A Las Vegas Sands release emphasized that it is, despite keeping a corporate headquarters in the city, leaving Las Vegas: "Company Focused on Reinvestment in Asia and High Growth Opportunities in New Markets" "The Venetian changed the face of future casino development and cemented Sheldon Adelson's legacy as one of the most influential people in the history of the gaming and hospitality industry. As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson's legacy while starting a new chapter in this company's history," Las Vegas Sands Chairman and CEO Rob Goldstein said in the release. "This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities. There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company." The company had reportedly been trying to sell its Las Vegas properties before Adelson's death, with reports surfacing six months into the pandemic that has devastated the industry. The Adelson's family only remaining property in Nevada is the Las Vegas Review-Journal. This is a developing story. Check back for updates. The Nevada Independent is a nonprofit, reader-supported news site. Since 2017, we have provided nonpartisan reporting on Nevada public policy, politics and people. Sign up here for our free morning newsletter.