The gambling industry, which thrives on air travel and large groups of people in close proximity, has been one of the hardest hit amid the ongoing Covid-19 pandemic.
Las Vegas Sands said the deal underscores its strategy of reinvesting in its Asian operations, with a focus on Macau and Singapore. Macau and Singapore accounted for 48% and 35% of total revenue in 2020, respectively, according to Refinitiv Eikon data.
Las Vegas Sands in January named long-time company executive Robert Goldstein CEO, replacing Adelson who died at 87.
Founded in 1990, Las Vegas Sands also owns the world-renowned Marina Bay sands in Singapore and has developed the largest portfolio of properties on the Cotai Strip in Macau.
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The properties being sold include the Venetian Resort Las Vegas and the Sands Expo and Convention Center.
Apollo Global Management Inc’s affiliate-managed funds will buy the operating company of the Venetian for US$2.25 billion and VICI Properties will buy the land and real estate assets of the Venetian for US$4 billion.
Shares of Las Vegas Sands were up 2.8% at $66.77 in premarket trading. The S&P 500 casinos and gaming index has gained 15.2% this year, compared to a 3%% rise in the S&P 500.
