Apollo Global Management & VICI Properties Acquire Las Vegas Sands Hotel, Casino, And Expo Center For $6.25B
3355 S Las Vegas Blvd, Las Vegas, NV, USA
$6,250,000,000
$39,966/SF
Building Size
156,380 SF
Asset Type
Hotel
Closing
Mar 2, 2021
About this deal
AI
The sale of the Venetian-Palazzo complex in Las Vegas has caught the attention of the real estate industry. The property, located at 3355-3325 S. Las Vegas Blvd. and 201 Sands Ave., consists of a hotel, casino, and expo center. The complex is known for its impressive size, featuring the world's second-largest hotel with 4,049 rooms and 3,068 suites. Additionally, it boasts a 120,000-square-foot casino, offering guests a wide range of entertainment options.
Summary of transaction details
- Property Type: Hotel, Casino, Expo Center
- Transaction Amount: $6,250,000,000
- Date: 03/03/2021
- Address: 3355-3325 S. Las Vegas Blvd. & 201 Sands Ave.
- Market: Las Vegas
The buyer of this impressive property is a joint venture between Apollo Global Management and VICI Properties. On the other hand, the seller is Las Vegas Sands, which was led by Sheldon Adelson, may his soul rest in peace. This high-profile transaction highlights the interest of major players in the gaming and hospitality industry in Las Vegas.
It's worth noting that the Venetian-Palazzo complex also includes another notable property, The Venetian Macao, which is the largest casino in the world. The sale of this significant asset signals a major development in the Las Vegas real estate market.
On the Map
$6,250,000,000
$39,966/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.00%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93