Sands to Sell Vegas Hotels to Apollo, Vici for $6.25 Billion (3)

Las Vegas Sands Corp., the world’s largest casino operator by market value, agreed to sell its properties in Las Vegas to Apollo Global Management Inc. and Vici Properties Inc. for $6.25 billion, refocusing the company on its successful Asian resorts and other potential opportunities in the U.S.

Apollo will run the properties, which will be owned by Vici, a real estate investment trust, the companies said in a statement Wednesday. The Venetian, Palazzo and related convention facilities in Vegas contributed less than 15% of the company’s revenue in 2019, before the coronavirus pandemic hit.

Sands rose as much as ...