Las Vegas Sands completes $6.25B sale of Venetian Expo to Apollo Funds

The Venetian Expo, the Venetian, and Palazzo officially have new owners. The latest and old owners of the Palazzo and Venetian casino resorts announced Wednesday they had completed the deal for the iconic Las Vegas Strip properties for $6.25 billion.

Apollo Global Management Inc., Vici Properties Inc., and Sands announced the massive deal in March 2021. Under the terms of the deal, Apollo Global Management Inc. will be paying $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement. The New York-based real estate investment trust Vici Properties Inc., affiliated with Caesars Entertainment Inc., will be paying $4 billion in the acquisition.

Vici Properties Inc. has bought the resort’s land as a real estate investment trust, while Apollo Global Management Inc. has acquired the property’s cash flow and operations. Apollo has agreed to pay Vici rent under the terms of the agreement.

Las Vegas Sands Corp. and Apollo Global Management Inc. announced in separate statements the hotel guests, gamblers, and conventioneers should see a few changes at the luxury hotel complex, including the renamed Venetian Expo.

George Markantonis, CEO of The Venetian Resort, said the management team would remain as it is.