Las Vegas Sands is selling the Venetian Casino Resort and Sands Expo and Convention Center, reported News 3 LV.
The total selling price is a whopping $6.25 billion.
VICI properties is set to buy the property and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion.
Apollo Global Management will acquire the operations of the Venetian for $2.25 billion.
The Venetian, which is located on the Las Vegas Strip, has three hotel towers with gaming, entertainment, shopping, and dining. There are more than 7,000 all-suite rooms, 225,000 square feet of gaming space, and 2.3 million square feet of meeting space.
The sale of the property follows the death of CEO and Chairman Sheldon Adelson two months ago. According to News 3 LV, "Adelson transformed the landmark Las Vegas casino that was once a hangout of Frank Sinatra's Rat Pack into a towering Italian-inspired complex."
On Wednesday, Sands stated that the company will focus on Asia, where Adelson had pushed hard for years.
Chairman and CEO Robert Goldstein said, "This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and out developments in Macao and Singapore are the center of our attention."
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