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Sands sells Venetian, Expo and Convention Center for $6.25B |

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Sands sells Venetian, Expo and Convention Center for $6.25B

LAS VEGAS (KLAS) -- Las Vegas Sands Corporation is selling its properties on the Las Vegas Strip, the company announced Wednesday.

Those properties include the Venetian, Palazzo and the Sands Expo and Convention Center. The deal is worth approximately $6.25 billion.

Apollo Global Management will take over the hotel and expo center, while VICI Properties will manage other real estate assets.

This comes just two months after the death of former Las Vegas Sands owner Sheldon Adelson. The 87-year-old billionaire died Jan. 11 from complications related to his treatment of non-Hodgkin’s lymphoma.

LAS VEGAS, NEVADA - JANUARY 12: Signs at The Venetian Las Vegas display a tribute to Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson on January 12, 2021 in Las Vegas, Nevada. The billionaire casino magnate, who owned The Venetian and The Palazzo Las Vegas, died last night at age 87. (Photo by Ethan Miller/Getty Images)

The company calls the deal "bittersweet" and says it will focus on fast-growing markets in Asia.

"The Venetian changed the face of future casino development and cemented Sheldon Adelson's legacy as one of the most influential people in the history of the gaming and hospitality industry.  As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson's legacy while starting a new chapter in this company's history," said Las Vegas Sands Chairman and Chief Executive Officer Robert Goldstein. "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. We will always look for ways to reinvest in our properties and those communities.  There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company."

To read the full release, click HERE.