The largest gambling empire Las Vegas Sands, owned by the recently deceased businessman Sheldon Adelson, announced the sale of its business in Las Vegas on March 3, writes TheStreet.

Under the terms of the deal, Apollo Global will acquire a portion of Sands' assets for approximately $ 1.05 billion in cash and $ 1.2 billion in seller financing.

In turn, the investment company VICI Properties will buy for about $ 4 billion in cash another part of the assets from the Sands subsidiaries, which are associated with the Venetian Resort hotel and casino.

Following the completion of the deal, Sands plans to focus on developing its business in Asia - Singapore, and Macau.

Note that Las Vegas casinos suffered colossal losses due to COVID-19. In 2020, the United States recorded a record drop in casino revenue (GGR) - 31.3% compared to 2019. The last time such a fall was recorded was in 2003.

Cumulative losses of three gambling giants Las Vegas Sands Corp., MGM Resorts International, and Wynn Resorts Ltd. in the fourth quarter of last year exceeded $ 1 billion.

Recall that due to the imposed quarantine restrictions, land-based casinos and gambling halls were forced to close. Therefore, foreign players increasingly began to gamble online.