Apollo, a private equity firm, said the purchase is a major bet on Las Vegas, which has seen its tourism numbers and conference business drastically decline over the past year because of the pandemic.
Alex van Hoek, Apollo Partner, explained: “The Venetian is America’s premier integrated resort, with an unrivaled set of amenities to serve guests across hospitality, meeting events, gaming, and entertainment – categories that we believe are well positioned for strong recovery and long-term growth.”
“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,” he added.
Las Vegas Sands is shortening its name to Sands as a result of leaving Las Vegas. In a press release, the firm founded by Sheldon Adelson said the change is "bittersweet" and will help it focus on faster growing markets, such as Asia.
"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," said Sands CEO Robert Goldstein. The upscale resort opened in 1999, helping it morph into the world's largest casino company.
“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,” Goldstein added.
There were multiple reports that Adelson was considering selling his Las Vegas properties prior to his January death. Sands' US properties accounted for just over 13% of its revenue in 2019, with its glitzy properties in Singapore and Macau becoming the major money makers.
Las Vegas Sands will focus on reinvestment in Asia and high growth opportunities in new markets.
Source: GMB
