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March 03, 2021

Kramer Levin Advises VICI in Pending Acquisition of the Venetian Resort’s Real Estate in Las Vegas

Kramer Levin is representing VICI Properties Inc. (NYSE: VICI), an experiential real estate investment trust, in its entry into definitive agreements with Las Vegas Sands Corp. (NYSE: LVS) (LVS) to acquire all of the real estate assets associated with the Venetian Resort Las Vegas and the Sands Expo and Convention Center, located in Las Vegas, Nevada (collectively, the “Venetian Resort”), for $4.0 billion in cash. An affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (the “Apollo Funds”), has agreed to acquire the operating company of the Venetian Resort for $2.25 billion. Simultaneous with the closing of the transaction, the Company will enter into a triple-net lease agreement for the Venetian Resort with an affiliate of the Apollo Funds. The transaction is expected to be completed by year end 2021.

The deal was recognized by Law360 as one of the top Q1 real estate deals. 

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