Sands sells off casino, center

Las Vegas Sands Corp., the world’s largest casino operator by market value, agreed to sell its iconic Venetian casino resort and its Sands Expo and Convention Center to Apollo Global Management Inc. and Vici Properties Inc. for $6.25 billion.

Apollo will run the properties, which will be owned by Vici, a real estate investment trust, the companies said in a statement Wednesday. The Venetian, Palazzo and related convention facilities in Las Vegas contributed less than 15% of the company’s revenue in 2019, before the coronavirus pandemic hit.

The name of the Venetian, the expo center as well as the Palazzo, the Sands’ luxury casino will remain, and the company’s headquarters will stay in Las Vegas.

But the company led by Sheldon Adelson until his death this year will effectively cease U.S. operations. Under Adelson, the company’s focus turned to Asia years ago, where revenue eventually outpaced even the operations on the Las Vegas Strip.