Las Vegas Sands Corp. (LVS) has entered into a $6.25 billion deal to sell off its Las Vegas property and operations, including the Venetian Resort and Sands Expo and Convention Center, just weeks after the death of its founder.

The deal with Apollo Global Management will include about $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement. VICI Properties will acquire the real estate and related assets of The Venetian for about $4 billion cash.

The news of the sell-off of the Las Vegas properties comes just after Las Vegas Sands founder Sheldon Adelson’s death in January. Sheldon bought the Sands hotel and casino for $110 million in 1988 and launched a massive renovation and expansion project, The Wall Street Journal reported.

“The Venetian changed the face of future casino development and cemented Sheldon Adelson's legacy as one of the most influential people in the history of the gaming and hospitality industry,” Las Vegas Sands chairman and CEO Robert Goldstein said in a statement. “As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson's legacy while starting a new chapter in this company's history.

The Las Vegas Sands said the sale is part of an effort to “pursue new growth prospects,” especially in Asia, as the company exits the U.S. gaming industry. The company was hit by the COVID pandemic, where casinos were temporarily shut down and capacity limits and other safety measures implemented as they reopened.

The Las Vegas Sands Corp. owns The Venetian Macao, The Plaza, Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao on the Cotai Strip, Sands Macao on the Macao Peninsula, and Marina Bay Sands in Singapore.

“This company is focused on growth, and we see meaningful opportunities on a variety of fronts,” Goldstein said. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention.”

The Journal said the Singapore and Macao properties generate most of the revenue for the Las Vegas Sands.

The gaming company also said that it is looking to invest in future U.S. properties, which The Wall Street Journal reported may include Texas and New York.

“We will always look for ways to reinvest in our properties and those communities,” Goldstein said. “There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company.”

Additional investments for the company will center around online gaming, as Patrick Dumont, Las Vegas Sands president and COO, said, “As our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities.”

Through the deal, Las Vegas Sands said it will now have more flexibility and financial strength to pursue new development opportunities.

The Venetian Resort has about 225,000 square feet of gambling space, while the Sands Expo Center has about 1.2 million gross square feet of exhibit and meeting space and a 1.1 million square-foot meeting and conference facility that links to the Venetian Resort at the Sands, WSJ said.

Shares of Las Vegas Sands were trading at $65.75 as of 11:01 a.m. EST, up 80 cents or 1.23%.

A standoff at the MGM Grand Hotel and Casino in Las Vegas ended Wednesday with a man dead of an apparent suicide, police said. Creative Commons