Las Vegas Sands agrees to sell Las Vegas properties for $6.25 billion

American leisure and hospitality group, Las Vegas Sands has agreed to sell Las Vegas properties for $6.25 billion.

Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management (APO) will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 bln in cash, subject to certain post-closing adjustments, and $1.2 bln in seller financing in the form of a term loan credit and security agreement, and VICI Properties (VICI) will acquire subsidiaries that hold the real estate and real estate-related assets of The Venetian for approximately $4.0 bln in cash.

The closing of the transactions is subject to customary closing conditions, including regulatory approvals. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Las Vegas Sands. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor.

Sands executives said that while selling The Venetian, the property that helped establish Sheldon Adelson and his company at the top of the gaming industry, will be bittersweet, the opportunities for the company to pursue new growth prospects are robust.