Why Las Vegas Sands Is Leaving Las Vegas
It's official! Las Vegas Sands (NYSE: LVS) is selling its namesake resort in Las Vegas to Apollo Global Management (NYSE: APO) and its affiliates for the staggering sum of $6.25 billion. The deal pulls in VICI Properties (NYSE: VICI), which will acquire the real estate, but it's notable because Las Vegas Sands is now exiting the U.S. market.
This follows months of rumors that the Las Vegas properties were up for sale and solidifies Las Vegas Sands' complete focus on Asia. After selling a property in Bethlehem, Pennsylvania, in 2019, the company won't have any U.S. operations left once the Apollo sale goes through. And that might be in the best interests of shareholders.
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Source Fool.com
