to continue development of the $1.9 billion, 17,500-seat MSG Sphere being built just east of The Venetian Expo, the Las Vegas Review-Journal reported. Apollo Global Management bought Venetian operations for $2.25 billion.Īpollo executives told Nevada casino regulators last week the company will step into an ongoing partnership with Madison Square Garden Entertainment Corp. New York-based VICI Properties acquired assets associated with the Venetian Resort Las Vegas and the expo for $4 billion.

He added the caveat that it’s not clear who would buy the casinos.“We have an exciting opportunity to build on our past successes while capturing future opportunities,” Markantonis said, citing hospitality, meetings and events, gambling and entertainment. With the global pandemic creating uncertainty in the Las Vegas convention business and an implied price for the properties of 12 times earnings before interest, taxes, depreciation and amortization, a deal could make sense, Ben Chaiken, a Credit Suisse analyst, wrote in a research note late Monday. Sands shares rose as high as 12% in after-hours trading Monday after Bloomberg reported the news of the deal. Adelson, 87, has expressed interest in building in New York City, an opportunity that could arise next year. Sands dropped out of the competition to build a casino in Japan this year because of terms executives described as unfavorable. The money could allow the company to fund other development opportunities. was already a small and shrinking part of his business, accounting for less than 15% of revenue last year. A sale would concentrate Sands’ casino portfolio entirely in Macao and Singapore, two larger casino markets for Adelson, who ranks as one of the world’s richest people, with a fortune estimated at $29.7 billion.

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