“Sheldon Adelson changed the Las Vegas market with his emphasis on conventions. He recognized that the real potential was not on the casino floor, as it was in the 1960s, but at the hotels, resorts and convention centers that surround them. The sale comes just two months after the death of Adelson, who transformed the landmark Las Vegas casino that was once a hangout of Frank Sinatra’s Rat Pack into a towering Italian-inspired complex.Īdelson reframed the target audience in Vegas, focusing on conventioneers and even families. The company posted a quarterly loss of almost $300 million in January. Sales growth vanished last March as infections spread across the U.S. The global pandemic broadsided Las Vegas, shuttering the Strip where Las Vegas Sands has been the biggest operator for years. And Apollo Global Management will acquire the operations of the Venetian for $2.25 billion. Under the two-part deal announced Wednesday, VICI Properties will buy the casino and resort and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion.
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