Insight LAS VEGAS Las Vegas Sands Exit
opportunities for the company to pursue new growth prospects are robust.
“Te 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. As we announce the sale of Te Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history,” said Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein. “Tis company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the centre of our attention. We will always look for ways to reinvest in our properties and those communities. Tere are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company.”
“Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction. Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities,” said Patrick Dumont, the company’s president and chief operating officer.
upon the strong foundation set by Mr. Adelson and Las Vegas Sands,” added van Hoek.
John Payne, President and Chief Operating Officer of VICI Properties, said, “Te Venetian is one of the most coveted properties in Las Vegas and a premier destination for gaming, business and leisure alike. We are thrilled to add Te 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.”
Ed Pitoniak, Chief Executive Officer of VICI Properties, added: “In envisioning and building the Venetian Resort, Sheldon Adelson stands among the great American place-makers of the last 100 years. Tere are few assets in American commercial real estate that deserve to be called monumental, but the Venetian Resort is truly monumental in both its spatial grandeur and in
its economics. Upon closing of the transaction, VICI will be honored to help steward the legacy of what Mr. Adelson and the Las Vegas Sands team, led by Rob Goldstein and Patrick Dumont, have built.”
John Payne, President and Chief Operating Officer of VICI Properties, said: “We are absolutely thrilled to enhance our portfolio of market-leading experiential assets with the iconic Venetian Resort complex. We have long admired the incomparable size, scale and quality of the Venetian Resort and are proud to opportunistically acquire the asset at an attractive, accretive cap rate for shareholders. Additionally, we are confident Apollo’s vision will greatly benefit the property’s operations for years to come.”
Sands executives said that while selling Te Venetian, the property that helped establish Sheldon Adelson and his company at the top of the gaming industry, will be bittersweet, the
Mr. Dumont added: “Our company’s history will always be traced to the opening of Te Venetian in Las Vegas. Today, Sands is the most valuable gaming company in the world with an established track record of success in developing and operating large-scale integrated resorts in Asia and the United States. Te company’s financial strength, which grows stronger as a result of this deal, gives us the flexibility to pursue a multitude of new development opportunities,”
Mr. Goldstein, who once served as the President and Chief Operating Officer of Te Venetian and the connected Palazzo Resort, said it would be difficult saying goodbye to many long-time colleagues, but he was confident the property will continue its great success. He also said Apollo and VICI were the right companies to lead the property into the future and that additions like the MSG Sphere, a live performance venue being developed by Madison Square Garden, will create new growth opportunities for the property.
“Te property is a best-in-class asset with a talented team of people operating it. I am confident Las Vegas will soon return to a more normal operating environment and Te Venetian’s hard-working and dedicated team members will continue delivering a world-class experience to guests eager to enjoy it. I know I will be rooting for them,” he said.
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