Las Vegas Sands sells its Las Vegas property and operations for $ 6.25 billion to Apollo, VICI Properties

Las Vegas Sands Corp. LVS Shares,
+ 2.06%
rallied 3.0% in pre-market operations on Wednesday, after the casino operator announced deals to sell its Las Vegas property and operations for $ 6.25 billion to Apollo Global Management APO,
+ 1.55%
and VICI Properties Inc. VICI,
+ 1.18%
Shares in Apollo were still dormant before the open, while shares in VICI were down 1.0%. Under the terms of the agreement, Apollo will purchase The Venetian’s operating company, which includes the Venetian Resort and the Sands Expo and Convention Center, for $ 2.25 billion, and VICI will purchase The Venetian’s land and real estate assets for $ 2.25 billion. 4.0 billion. Las Vegas Sands said Asia remains the “backbone” of the company and its development opportunities in Macau and Singapore are at the center of the company’s attention. “Our long-standing strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction,” said Chief Operating Officer Patrick Dumont. “Additionally, as our industry continues to evolve, particularly when it comes to the digital market, we are committed to exploring those possibilities. Over the past 12 months, Las Vegas Sands shares have recovered 16.2%, Apollo shares are up 16.6% and VICI shares are up 15.2%, while the S&P 500 SPX,
-0.48%
has gained 28.9%.