If you’ve been wondering who owns the Venetian, you are not alone. There are several companies behind the Las Vegas landmark, including Sheldon Adelson, Apollo Global Management, MGM Growth Properties, and Las Vegas Sands. Read on to find out who the real owners of the Venetian are and why they might have acquired the property. The answer will surprise you. Here’s a rundown of who owns the Venetian and how you can get involved.
A deal has been reached to sell the Las Vegas Sands Corp.’s Venetian hotel and its associated Sands Expo and Convention Center. But the company will keep its Las Vegas headquarters. Adelson, who died earlier this year, sold the casino properties after deciding they no longer wanted to compete with Las Vegas Sands’ properties on the Las Vegas Strip. Adelson had long viewed Asia as the next big frontier and had shifted his focus away from Las Vegas until Asia became his primary market.
Adelson’s main residence is a large four-hundred-square-foot house in Las Vegas, which takes up three lots. It includes a private water park, and is allegedly the largest private residence in Clark County. Adelson’s wife, Miriam, is a pro-Israel activist who is widely recognized as influencing her husband’s political views on Israel.
Las Vegas Sands
Vici Properties is an investment trust based in New York City. It is the parent company of 44 hotels, racetracks, casinos, and golf courses, including the Venetian in Las Vegas. It was formed in 2017 as a spinoff of the Caesars Entertainment Corporation. The company has been a leader in Las Vegas real estate for more than five decades, and it has been a popular choice for investors looking to invest in the casino industry.
The Venetian is the largest hotel in Las Vegas, with three towers and a casino. It boasts 7,000 all-suite rooms, a 1.2 million square-foot casino, and shops and restaurants. Its luxury brand, MSG, is making a resurgence with the rollout of new vaccines and other investments. But despite the new ownership, the company has not gotten all its assets back.
Apollo Global Management
A joint venture between Apollo Global Management and real estate investment trust VICI Properties will buy the operating company of the Venetian hotel in Las Vegas for $2.25 billion, subject to customary closing conditions. Previously, Las Vegas Sands owned the property. It features 7,100 hotel rooms and 2.3 million square feet of convention space. Apollo will focus on maximizing its equity value. The Venetian has a track record of superior corporate governance, which is important to a casino.
The deal will include the acquisition of The Venetian hotel and the Sands Expo Convention Center. The sale will be finalized by the Nevada Gaming Commission, which will hold a meeting on Feb. 17. In addition to the Venetian, Apollo will also be purchasing the Palazzo and the Sands Expo Convention Center. This deal will be worth around $6 billion. The company hopes to make it into a destination for international and domestic travelers.
MGM Growth Properties
MGM Growth Properties LLC (MGP) is a real estate investment trust based in Summerlin South, Nevada. It owns 15 casino properties operated by MGM Resorts International. The company leases its properties to MGM Resorts through triple-net leases. The MGP deal is one of the biggest in the industry, allowing it to own several Las Vegas hotels and casinos.
Vici Properties, based in New York, is buying MGM Growth Properties. It will then be the biggest landowner on the Las Vegas Strip. The company will be valued at approximately $45 billion, with the combined companies having an unlimited ability to grow further. The deal will allow Vici to purchase 15 entertainment resort properties in nine regions, including the venetian hotel in Las Vegas. This transaction will also expand Vici’s geographic footprint while keeping its focus on the casino industry.
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