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IPFS News Link • Nevada

Sands Sells Las Vegas Resorts To Apollo And Vici As It Pivots To Asia

• Zero Hedge

Las Vegas Sands shares jumped more than 3% in premarket following news the company has reached "definitive agreements" to sell its Las Vegas property and operations (including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, "The Venetian")) for approximately $6.25 billion, a company press release read.

LVS shares rose 3% in premarket on the news, up around the 66-handle. Shares in the company have surged this year on vaccine hopes and Vegas reopening. 

Apollo Global Management, will acquire the Sands' Las Vegas real property and operations - it will hold "the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.2 billion in seller financing in the form of a term loan credit and security agreement, and VICI Properties Inc., will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for approximately $4.0 billion in cash," the press release continued.