While walking through Central Park on a brisk fall morning in 2020, Apollo Global Management Partner David Sambur took a call from a financial representative who was tasked by Las Vegas Sands Corp. with selling the company’s Strip properties.
VICI will pay Sands $4 billion for 63 acres of Strip real estate covering the Venetian, Palazzo and Venetian Expo Center, as well as an additional 19 acres adjacent acres off Koval Drive where the $1.8 billion MSG Sphere is being developed.
Under the terms of the transaction, which was announced on March 3, Las Vegas Sands is funding $1.2 billion of the deal through seller financing in the form of a term loan credit and security agreement. Apollo is paying the remaining $1.05 billion. Under a 30-year lease, Apollo will pay VICI $250 million annually to run the resorts. The lease contains escalators that kick in after 2023.
Read more: The Nevada Independent
