Venetian Las Vegas may be up for sale

[MDawg]

The word on the street, is that Sands LLC, the owner of the Venetian/Palazzo Vegas and the Venetian Macau and Marina Bays Sands in Singapore, is looking to sell off their Vegas operations (which would include the hotels and the Sands Expo Center).

Two real estate investment trusts express interest in purchasing Las Vegas Sands - Eater Vegas (https://vegas.eater.com/2020/11/3/21547266/sheldon-adelson-sell-venetian-palazzo-sands-expo-convention-center-6-billion)

The six billion dollar price tag may however be prohibitive in this coronavirus pandemic environment, especially given that Conventions in Vegas - the mainstay business of the Sands Expo Center - are currently nonexistent.

A possible buyer is Penn National Gambling, a small presence in Vegas that currently owns the M Resort and recently sold off the Tropicana under a leaseback arrangement, but that owns or operates 39 gaming racing facilities nationwide.

[MDawg]

Adelson just died. All the more reason I suppose for Venetian Vegas to now change hands.

[MDawg]

Sold! for 6.25B to Apollo Global Management and Vici Properties.
Las Vegas Sands sells its casinos in $6 billion deal - CNN (https://www.cnn.com/2021/03/03/business/las-vegas-sands-venetian-sold/index.html)

Las Vegas Sands sells Venetian, Palazzo, Sands Expo properties | Las Vegas Review-Journal (https://www.reviewjournal.com/business/casinos-gaming/sands-sells-las-vegas-strip-properties-for-6-25b-2293228/)

It is a two part deal where Vici will acquire the land, and then Apollo will pay for the lease on the property and run the operations. Luckily none of the big boys such as Caesar's Entertainment or MGM, operating cookie cutter operations, took over. Venetian/Palazzo will remain independent.

When I first saw the 6B figure Adelson tossed out there, I assumed no one would bite during these times - but it actually sold over the asking, at 6.25!