11 at age 87 at his home in Malibu, California, from complications related to treatment for non-Hodgkin lymphoma. “The 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,” Las Vegas Sands Chairman and CEO Rob Goldstein said.Īdelson, the company’s founder, died Jan. Sands executives said Wednesday that it would be bittersweet selling The Venetian, the 21-year-old resort that catapulted the company into the world’s largest gaming operator, but the opportunities to pursue new growth prospects would be robust. “As such, we don’t think Las Vegas Sands left any value on the table.” “From our perspective, this is a great price, higher than the $3.7 billion of value we ascribe (and) … would add $2.5 billion, or $3.31 of incremental equity value per share,” Greff said in a report to investors. Morgan, said Wednesday that Las Vegas Sands made a great deal for the sale of the assets. Joseph Greff, a gaming industry analyst with New York-based J.P. Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser. LLC acted as exclusive financial adviser to Las Vegas Sands. Eastdil Secured acted as real estate adviser to Apollo. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Kramer Levin Naftalis & Frankel LLP served as legal adviser and Hogan Lovells served as tax adviser to Vici Properties. LLC acted as lead strategic and financial adviser to Vici Properties, and Deutsche Bank Securities acted as a financial adviser to Vici on the transaction. Vici also owns Harvey’s Lake Tahoe and Harrah’s Lake Tahoe at Stateline, and Harrah’s Laughlin in Southern Nevada. Caesars Entertainment continues to manage those properties for Vici. In Las Vegas, it owns Caesars Palace and Harrah’s, representing 213,000 square feet of casino space, 3,000 slot machines and table games and 6,510 hotel rooms. Vici Properties owns five resorts in Nevada - two on the Strip - and 23 others across the country. in 2006 and in Las Vegas-based timeshare company Diamond Resorts International in 2016. It invested in Harrah’s Entertainment - one of the predecessors to Caesars Entertainment Inc. Apollo, which excels in real estate management, doesn’t specialize in the day-to-day operations of its leisure portfolio.Īpollo’s investments have included resorts, airlines and cruise lines. Just who will operate the resort/convention complex and employ its workforce after the sale is an unknown.
Las Vegas Sands executives are expected to relocate once the sale closes, likely by the end of the year. Under the deal, Vici will own the real estate and Apollo will own the cash flow from the operations and pay Vici rent. The transaction is subject to customary closing conditions, including regulatory approvals. New York-based Vici, a real estate investment trust affiliated with Caesars Entertainment Inc., would pay $4 billion. Under terms of the deal, New York-based Apollo, founded by real estate investor and former CEO Leon Black, would pay $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement. Sands executives said in October they were considering offers for the Las Vegas properties so they could focus on the lucrative operations of their market-leading six resorts in Macao and their iconic hotel-casino in Singapore. The transaction also was disclosed in filings to the Securities and Exchange Commission. will acquire subsidiaries that hold the real estate and operations of the Strip’s famed Venetian and Palazzo resorts and the Sands Expo and Convention Center for $6.25 billion, Sands officials announced early Wednesday. has sold The Venetian, its flagship Strip resort, and the rest of its Las Vegas properties in a multibillion-dollar deal that shakes up Nevada’s gaming industry.Īffiliates of Apollo Global Management Inc. (Chitose Suzuki / Las Vegas Review-Journal) Vegas Sands Corp. 21, 2020, file photo shows The Palazzo on the Las Vegas Strip.
0 kommentar(er)
