Shares of Las Vegas Sands Corp.
rallied 3.0% in premarket trading Wednesday, after the casino operator announced agreements to sell its Las Vegas property and operations for $6.25 billion to Apollo Global Management
and VICI Properties Inc.
Apollo’s stock was still inactive ahead of the open, while VICI shares fell 1.0%. Under terms of the deal, Apollo will buy the operating company of The Venetian, which includes the Venetian Resort and the Sands Expo and Convention Center, for $2.25 billion, and VICI will buy the land and real estate assets of The Venetian for $4.0 billion. Las Vegas Sands said Asia remains the “backbone” of the company, and its development opportunities in Macao and Singapore are at the center of the company’s attention. “Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction,” said Chief Operating Officer Patrick Dumont. “Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities. Over the past 12 months, Las Vegas Sands stock has rallied 16.2%, Apollo shares have climbed 16.6% and VICI shares have advanced 15.2%, while the S&P 500
has gained 28.9%.