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Who Owns the Venetian Hotel in Las Vegas?

You may be wondering who owns the famous Venetian hotel in Las Vegas. This article will provide you with some information. It includes names like VICI Properties, Apollo Global Management, and more. You may even be surprised to know that the Venetian’s player rewards program will continue through 2022. Currently, the Venetian has 7,100 hotel rooms and nearly two million square feet of convention space.
Apollo Global Management

The deal is the most expensive real estate transaction in recent history. A deal valued at $3.3 billion and including debt will give Apollo the operating company of The Venetian, which is the oldest and largest casino in Las Vegas. The company is also acquiring the retail chain Michaels, which is owned by the late billionaire Sheldon Adelson. In addition to the Las Vegas Sands deal, Apollo is also acquiring two other casinos in the city: The Mirage and The Cosmopolitan.

The Las Vegas Sands Corp. has announced that it is selling off its land assets to the privately held real estate investment trust Vici Properties. This deal represents a 6.25 percent cap rate. In addition, an affiliate of Apollo Global Management will buy the operating company of the Venetian hotel. The deal will cost $2.25 billion, with $1.2 billion coming from a secured term loan from LVS. The remaining amount will be paid in cash.

The deal is expected to close by the fourth quarter of 2021. It includes no third-party debt, long-dated seller financing, and a lease support agreement from LVS through 2023. The transaction is subject to customary closing conditions. The transaction was approved by the Nevada Gaming Commission last week. However, it may not close for a few months. This investment is a major win for the city of Las Vegas, and Apollo is certainly on its way to maximizing its equity value.
VICI Properties

The Venetian Resort and Expo Center were recently purchased by VICI Properties, an experiential real estate investment trust. The transaction involved US$1.05 billion in cash and US$1.2 billion in seller financing. VICI plans to fund the transaction through cash on hand, cash from a recent share settlement, and proceeds from a recently upsized revolving credit facility. The Company expects the sale to close by year’s end.

The company’s upcoming acquisitions of Las Vegas resorts will expand its portfolio by nearly 660 acres and will include 12 iconic hotels along the Strip. Including the Venetian, MGM Grand, and T-Mobile Arena, the company is expected to own more than 40,000 hotel rooms and 1.2 million square feet of casino and convention space. It also controls 27 acres of vacant land behind the Flamingo and has rights to purchase another 28 acres.

Other properties owned by VICI include the Harrah’s Lake Tahoe and Laughlin casinos. It also has the right of first refusal to purchase the properties of Caesars, and with this right, the company is well positioned to grow with the city. Meanwhile, its right of first refusal gives it a significant opportunity to buy properties from the Caesars Group. The purchase of the Venetian Hotel and its adjoining properties would be a good fit for the REIT because Caesars has already indicated its intention to sell one of its casinos.

Article By:- Pornstar Escorts

 

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