VICI Properties (VICI) announces $4 billion acquisition of Venetian Resort Las Vegas.

VICI Properties (VICI) announced today that it has agreed to acquire the Venetian Resort Las Vegas and Sands Expo Convention Center for $4.0 billion from seller Las Vegas Sands Corp. (LVS).  The purchase price represents an initial 6.25% cap rate under a 30-year lease.  In a related sale, Las Vegas Sands is selling the Venetian Resort operating company to affiliates of Apollo Global Management for $2.25 billion.  VICI said the transaction is expected to be completed by year end 2021, subject to regulatory approvals and other closing conditions.

VICI Properties is a large cap experiential REIT focusing on gaming, hospitality, and entertainment properties in major markets across the U.S.