The Venetian Properties on the Las Vegas Strip Sold for $6.25B

The incoming and outgoing owners of the Venetian and Palazzo casino resorts and former Sands Expo and Convention Center announced on Wednesday 23 February 2022 that they had completed the sale of the iconic Las Vegas Strip properties for $6.25 billion.

Apollo Global Management and Las Vegas Sands Corp. said in statements there would be relatively few changes at the luxury hotel complex including the renamed Venetian Expo.

The names will remain the same and George Markantonis, chief executive officer of The Venetian Resort, said the management team will stay in place.

The venetian hotel, las vegas

“We have an exciting opportunity to build on our past successes while capturing future opportunities.”

New York-based VICI Properties acquired assets associated with the Venetian Resort Las Vegas and the expo for $4 billion.

Apollo Global Management bought Venetian operations for $2.25 billion.

Apollo told Nevada casino regulators last week the company will enter a partnership with Madison Square Garden Entertainment Corp. to continue development of the $1.9 billion, 17,500-seat MSG Sphere being built just east of The Venetian Expo.

Las Vegas Sands Corp., led by Sheldon Adelson until his death last year, will effectively cease U.S. operations to focus on operations in Asia.

Patrick Dumont, Sands president and chief operating officer, pointed to a recently announced $1 billion reinvestment at Marina Bay Sands in Singapore and a $2.2 billion renovation of The Londoner Macao.

“The foundation of this company was built in Las Vegas, and even though the overall size of the organization here will be smaller, it is important to each of us that we continue to strongly support our community,” Dumont said.

Adelson bought the Sands hotel, once a hangout for Frank Sinatra’s Rat Pack, in 1989, demolished it and built a grand Venice-inspired complex.

Now, between them, the Venetian and Palazzo have more than 7,000 guest rooms, huge casino and convention spaces, and more than 8,000 employees.

Adelson became a billionaire and Republican mega-donor. His family bought Nevada’s largest newspaper, the Las Vegas Review-Journal. He died in January 2021 at age 87 from complications related to treatment for non-Hodgkin’s lymphoma. His wife, Dr. Miriam Adelson, remains the majority shareholder of Las Vegas Sands Corp.

“The opening of The Venetian more than 20 years ago represents the beginning of the company’s success,” said Las Vegas Sands Chairman and CEO Robert Goldstein. “The property, and most importantly, the people who represent it every day will always remain indelible parts of our history.”

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