Las Vegas Sands (LVS) - Get Report has struck a deal to sell its Las Vegas real estate properties and gambling operations including the Venetian Resort Las Vegas and the Sands Expo and Convention Center to Apollo Global Management (APO) - Get Report for $6.25 billion.
Under terms of the deal, an affiliate of funds managed by Apollo Global will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash and $1.2 billion in seller financing.
The owner of the Venetian and Palazzo resorts has been focused on keeping its chips off the table through the pandemic, which has decimated not only its Las Vegas operations but also its revenue in gambling mecca Macau.
The company, founded by billionaire Sheldon Adelson, last May folded on its decades-long bet on expanding in Japan.
Adelson in January died at the age of 87 from complications related to treatment for non-Hodgkin's Lymphoma. He ranked No. 19 on Forbes's net worth list, with a total of $35 billion.
He owned over half of Sands, which has casinos in Las Vegas, Singapore and Macao and China.
Sands was trading at $66.45, up 2.3%. The stock is still down more than 20% over the past 12 months due in large part to COVID-19-related shutdowns of its casinos and resorts, and gamblers' reluctance to return to Vegas and other gambling centers.