The Venetian and Palazzo casino resorts, as well as the former Sands Expo and Convention Center, have a new owner. Apollo Global Management and Las Vegas Sands (LVS) announced Wednesday that they have completed the sale of the iconic Las Vegas Strip properties.
Changing of the Vegas Guard
In separate statements, Apollo and LVS stated that conventioneers, gamblers, and hotel guests would see little change at the luxury hotel complex, which includes the renamed Venetian Expo.
VICI Properties, a New York-based company, purchased assets related to the Venetian Resort Las Vegas as well as the Expo for $4 billion. Apollo Global Management purchased Venetian operations at $2.25 billion.
The Nevada Gaming Control Board signed off on the property transfers a couple of weeks ago. That was the final hurdle to jump before consummating the deals.
The names of the resorts will not change, however, and George Markantonis, the CEO of The Venetian, said that the management team will be unchanged.
Markantonis stated, “We have an exciting chance to build upon our past successes and capture future opportunities.” He emphasized hospitality, meetings, events, gambling, and entertainment – virtually everything Vegas is known for.
Revitalization Efforts Coming to Vegas
According to the Las Vegas Review-Journal, Apollo executives informed Nevada casino regulators that they will enter into an ongoing partnership agreement with Madison Square Garden Entertainment Corp. in order to develop the MSG Sphere. The venue is reportedly worth $1.9 billion and has 17,500 seats, which is being built east of The Venetian Expo.
The closing of the purchase is the end of an era. Sands, the company that was led by Sheldon Adelson up to his death just over a year ago, will cease US operations and focus on Asia operations.
Patrick Dumont, Sands president, and chief operating officer referred to the $1 billion in reinvestment at Marina Bay Sands, Singapore, and a $2.2 billion renovation of The Londoner Macao.
Adelson purchased the Sands Hotel, which was once home to Frank Sinatra’s Rat Pack, in 1989. He tore down the original building and put in its place an Italian-inspired towering complex. It worked, leading Adelson to become one of the richest men in the world.
Today, the Venetian and Palazzo offer over 7,000 guest rooms, casinos, convention spaces and more than 8,000 employees.
Robert Goldstein, chairman, and CEO of Las Vegas Sands stated, “The opening of The Venetian more than 20 years ago represents the beginning of the company’s success. The property, and most importantly, the people who represent it every day will always remain indelible parts of our history.”