Insight
LAS VEGAS Las Vegas Sands Exit
Caesars and Apollo to acquire Sands’ entire Vegas retail estate
Caesars Entertainment and Apollo Global Management have partnered to buy Las Vegas Sands’ entire Las Vegas real-estate property portfolio and its gaming operations, including Te Venetian Resort Las Vegas and the Sands Expo and Convention Center for $6.25bn.
Robert Goldstein, Chairman and CEO, Las Vegas Sands Corp.
Las Vegas Sands Corp named its long-time executive, Robert Goldstein, as chairman and chief executive officer on January 29, 2021. The appointment came after American casino mogul Sheldon Adelson, who built lavish gambling palaces that made him one of the world’s richest men, died last month at 87.
Adelson was Las Vegas Sands’ chairman and chief executive officer since its inception in the late 1980s.
Goldstein, who assumed the role of acting chairman and CEO on Jan. 7, joined Las Vegas Sands company in 1995 and became a member of its board in 2015. He has served as president and chief operating officer since January 2015.
“We are thrilled to add The Venetian to our roster of best-in-class assets and believe the property is positioned to benefit from a rebound in Las Vegas under Apollo’s leadership. We look forward to what we expect will be a mutually beneficial and productive relationship with Apollo.” John Payne, President and Chief Operating Officer of VICI Properties
P30 WIRE / PULSE / INSIGHT / REPORTS
Te deal sees Caesars’ offshoot, VICI Properties real estate, acquiring the real estate-related assets of Te Venetian for approximately US$4bn in cash. Apollo Global Management will buy subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05bn in cash, subject to certain post-closing adjustments, and $1.2bn in seller financing in the form of a term loan credit and security agreement.
For investment manager Apollo, the deal is the latest in a long list of gaming-related investment, making it an ever stronger name in the sector.
Apollo is in the process of buying Canadian casino group Great Canadian Gaming Corp. and has already taken a huge investment in Sazka, which runs lottery businesses in the Czech Republic, Greece, Cyprus, Austria and Italy, as well as owning both Casinos Austria and a 40 per cent share in Greek operator OPAP. Apollo has additionally bought IGT’s Italian B2C gaming machine, sports betting, and digital gaming businesses and funds investments in
PlayAGS, Gala Coral Group, Aliante Casino and Hotel and Bally’s Corporation.
Apollo Partner, Alex van Hoek, said, “Te 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. Te team at Las Vegas Sands, under the leadership and vision of Sheldon Adelson, built an irreplaceable asset that is renowned for its quality, scale and integrated offerings, and we see significant opportunity to invest in and accelerate its growth. Tis 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.”
“Te Venetian has one of the best teams in the industry, focused on delivering world-class customer service and experiences. We are honored and excited to support this talented and dedicated team and build
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