IndustryTravel & Hospitality

Apollo Global and Vici Properties Acquire Venetian and Palazzo Resorts for $6.25 Billion

The Venetian Resort, which includes the Venetian, Palazzo, and the Venetian Expo, has been sold to new owners for a whopping $6.25 billion. The sale was completed by the old and new owners on Wednesday. Apollo Global Management Inc., Vici Properties Inc., and Sands announced the deal in March 2021, and the transaction has now been finalized.

As per the deal’s terms, Apollo Global Management Inc. will pay $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement. Meanwhile, Vici Properties Inc., a New York-based real estate investment trust affiliated with Caesars Entertainment Inc., will pay $4 billion for the acquisition.

Under the agreement, Vici Properties has acquired the resort’s land as a real estate investment trust, while Apollo Global Management has acquired the property’s cash flow and operations. Apollo has also agreed to pay Vici rent.

Both Las Vegas Sands Corp. and Apollo Global Management have announced that there will be a few changes made to the luxury hotel complex. The renamed Venetian Expo is one of them. The hotel guests, gamblers, and conventioneers should also expect some changes.

However, according to George Markantonis, CEO of The Venetian Resort, the management team will remain unchanged. This will help ensure that the hotel’s service and operations remain of the highest standard, offering guests the same exceptional experience that they have come to expect from this iconic Las Vegas Strip property.

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