RTTNews | Mar 3, 2021 06:49AM EST

06:48 Wednesday, March 3, 2021 (RTTNews.com) - Resorts developer and operator Las Vegas Sands Corp. (LVS) announced Wednesday that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center for an aggregate purchase price of approximately $6.25 billion.

Under the terms of the agreement, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. will acquire subsidiaries that hold the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash, subject to certain post-closing adjustments, and $1.2 billion in seller financing in the form of a term loan credit and security agreement.

Further, VICI Properties Inc. (VICI) will acquire subsidiaries that hold the real estate and real estate-related assets for approximately $4.0 billion in cash. The Company intends to fund the transaction through a combination of cash on hand, equity and long-term debt financing.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed by year end 2021.

Simultaneous with the closing of the transaction, VICI Properties will enter into a triple-net lease agreement for the resorts real estate assets with an affiliate of the Apollo Funds. The lease will have an initial total annual rent of $250.0 million and an initial term of 30 years, with two ten-year tenant renewal options.

Read the original article on RTTNews ( https://www.rttnews.com/3174532/las-vegas-sands-to-sell-las-vegas-real-property-and-operations-for-aggregate-6-25-bln-quick-facts.aspx)

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