Sands to sell its Las Vegas properties for $6.25 billion as it shifts focus to Macao, Singapore

Sands to sell its Las Vegas properties for $6.25 billion as it shifts focus to Macao, Singapore

Las Vegas Sands is selling Las Vegas. The price tag: $6.25 billion.

Vici Properties said Wednesday it will pay $4 billion for the real estate “” the Venetian, Palazzo and the Sands Expo Convention Center. Apollo Global Management will buy the operations for $2.25 billion, roughly half financed by Sands.

The sale comes as Las Vegas Sands doubles down on its investments in Asia. Before the pandemic, Sands' properties in Asia accounted for roughly 90% of its revenue with significant investments planned to expand in Macao and Singapore.

"This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention," Chairman and CEO Robert Goldstein said in a statement.

In Las Vegas, its bottom line was fueled by conventions, which have been decimated by coronavirus closures and the precipitous drop in business travel and group business. In a recent earnings call, Goldstein said there's no way for Sands to return to $500 million in EBITDA without a full return to conferences.

Goldstein's predecessor, founder Sheldon Adelson, had been involved in talks about a prospective sale. The last of the Las Vegas