Apollo Funds Complete the Acquisition of The Venetian Resort Las Vegas and Venetian Expo Operating Companies
February 23 2022 - 4:15PM
Apollo Global Management, Inc. (NYSE: APO) (together with its
consolidated subsidiaries, “Apollo”) today announced that funds
managed by its affiliates (the “Apollo Funds”) have completed the
acquisition of the operations of The Venetian Resort Las Vegas and
the Venetian Expo in Las Vegas (“The Venetian”) from Las Vegas
Sands Corp. (NYSE: LVS) for approximately $2.25 billion. The
agreement to acquire the iconic Las Vegas property was announced
March 2021.
“We’re thrilled to complete the acquisition of The Venetian, a
premier Las Vegas resort that’s backed by a world-class team,” said
David Sambur, Apollo Partner and Co-Head of Private Equity. “Over
the last year, we have only grown more excited by the recovery and
outlook for Las Vegas and in particular The Venetian, where we can
invest behind an unrivaled set of guest amenities and experiences.
Sheldon Adelson was a true visionary in building The Venetian more
than two decades ago and we look forward to sustaining its success
in this next chapter.”
George Markantonis, President and CEO of The Venetian, said,
“The Venetian is one of the world’s top destinations for gaming,
leisure and entertainment, proudly made possible by one of the best
teams in the industry. We thank our previous owners at Sands for
helping to build this property over two-plus decades and are
excited to embark on a new phase of innovative growth with
Apollo.”
The Venetian is a marquee property on the Las Vegas strip,
featuring three luxury hotel towers that include more than 7,000
all-suite rooms, 225,000 square feet of gaming space and 2.3
million square feet of meeting space. The MSG Sphere at The
Venetian, an immersive, state-of-the-art venue, is under
development by Madison Square Garden Entertainment Corp., and will
directly connect to The Venetian via a pedestrian bridge.
As previously announced, concurrent with close of the
transaction, the Apollo Funds have entered into a long-term, triple
net lease agreement for The Venetian with VICI Properties, which
has completed its purchase of the associated land and real estate
assets of The Venetian from Las Vegas Sands for $4.0 billion.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal
counsel to the Apollo Funds; Brownstein Hyatt Farber Schreck, LLP
served as Nevada local and gaming regulatory counsel to the Apollo
Funds; and Eastdil Secured served as real estate advisor to the
Apollo Funds in the transaction.
About ApolloApollo is a global, high-growth
alternative asset manager. In our asset management business, we
seek to provide our clients excess return at every point along the
risk-reward spectrum from investment grade to private equity with a
focus on three business strategies: yield, hybrid, and equity. For
more than three decades, our investing expertise across our fully
integrated platform has served the financial return needs of our
clients and provided businesses with innovative capital solutions
for growth. Through Athene, our retirement services business, we
specialize in helping clients achieve financial security by
providing a suite of retirement savings products and acting as a
solutions provider to institutions. Our patient, creative, and
knowledgeable approach to investing aligns our clients, businesses
we invest in, our employees, and the communities we impact, to
expand opportunity and achieve positive outcomes. As of December
31, 2021, Apollo had approximately $498 billion of assets under
management. To learn more, please visit www.apollo.com.
About VICI VICI Properties Inc. is an
experiential real estate investment trust that owns one of the
largest portfolios of market-leading gaming, hospitality and
entertainment destinations, including Caesars Palace Las Vegas,
Harrah’s Las Vegas and the Venetian Resort Las Vegas, three of the
most iconic entertainment facilities on the Las Vegas Strip. VICI
Properties’ national, geographically diverse portfolio consists of
28 gaming facilities comprising over 62 million square feet and
features approximately 25,000 hotel rooms and more than 250
restaurants, bars, nightclubs and sportsbooks. Its properties are
leased to industry leading gaming and hospitality operators,
including Caesars Entertainment, Inc., Century Casinos, Inc., the
Eastern Band of Cherokee Indians, Hard Rock International Inc.,
JACK Entertainment LLC, Penn National Gaming, Inc. and the Apollo
Funds. VICI Properties also has an investment in the Chelsea Piers,
New York facility and owns four championship golf courses and 34
acres of undeveloped land adjacent to the Las Vegas Strip. VICI
Properties’ strategy is to create the nation’s highest quality and
most productive experiential real estate portfolio. For additional
information, please visit www.viciproperties.com.
Contacts
Noah GunnGlobal Head of Investor RelationsApollo Global
Management, Inc.(212) 822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
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