{"id":212953,"date":"2022-05-11T08:03:06","date_gmt":"2022-05-11T15:03:06","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=212953"},"modified":"2022-05-11T15:07:28","modified_gmt":"2022-05-11T22:07:28","slug":"apollo-could-help-musk-in-quest-to-acquire-twitter","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/","title":{"rendered":"Venetian Operator Apollo Reportedly Involved in Financing Musk Twitter Takeover"},"content":{"rendered":"

Private equity firm Apollo Global Management (NYSE:APO), which operates the Venetian integrated resort on the Las Vegas Strip, is rumored to be in talks to contribute financing for Elon Musk\u2019s $44 billion takeover of Twitter (NYSE:TWTR).<\/p>\n

\"Musk
Elon Musk at the recent Met Gala in New York. Apollo Global could contribute financing for his acquisition of Twitter. (Image: Wall Street Journal<\/em>)<\/figcaption><\/figure>\n

Musk\u2019s bid for the social media company is eliciting baseless, unfounded fears of threats to democracy on the left, and optimism about free speech on the right. However, it\u2019s far from a done deal. While the Tesla (NASDAQ:TSLA) founder and chief executive officer is the world\u2019s richest person, Musk is actively pursuing financing options for the acquisition.<\/p>\n

Unidentified sources with knowledge of the discussions tell Bloomberg<\/em> funding from Apollo could come in the form of a preferred stock issue and be north of $1 billion. Sixth Street Partners and other firms could also be involved.<\/p>\n

It\u2019s not clear how the preferred equity might change the existing financing proposal, which requires Musk and his partners to contribute $27.25 billion in equity to fund the $44 billion purchase, with the rest coming from junk-rated debt and a margin loan tied to Musk\u2019s Tesla stock,\u201d Bloomberg<\/em> reported.<\/p><\/blockquote>\n

Musk\u2019s net worth is nearly $232 billion. But much of that fortune is tied to Tesla shares, and he can only sell so much of that stock to fund the Twitter acquisition before the electric vehicle maker\u2019s investors fret. They already are, as Tesla shed more than a quarter of its value since Musk revealed his<\/a> Twitter offer.<\/p>\n

Gaming, Las Vegas Ties Abound<\/h2>\n

The potential takeover of Twitter doesn\u2019t directly involve the gaming industry. But between Apollo and Musk, Las Vegas and wagering business ties abound.<\/p>\n

\n

The private equity company operates<\/a> Venetian, Palazzo and Venetian Expo, and is frequently at the epicenter of a variety of industry consolidation rumors. Apollo also owns Canadian casino operator Great Canadian Gaming Corp., Italian digital gaming, gaming machine, and sports wagering operator Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l.<\/p>\n<\/div>\n

The investment firm is also rumored to be looking for a sportsbook partner for Yahoo! Sports. Over the past couple of years, the private equity company was attached to multiple sports betting consolidation rumors, including William Hill, the British bookmaker\u2019s international business<\/a>, and media and sports wagering assets in Australia, among others.<\/p>\n

As for Musk, his Boring Company\u2019s underground tunnel system is making it easier to navigate the Las Vegas Convention Center. Boring\u2019s Vegas Loop project is even more ambitious and could ultimately link the Strip with other popular destinations<\/a>, including Allegiant Stadium and Fremont Street.<\/p>\n

More Gaming Ties<\/h2>\n

There are other gaming industry ties in the Musk\/Twitter equation. Twitter director Egon Durban, who along with the rest of the board initially rejected Musk\u2019s takeover proposal, is involved with the wagering business.<\/p>\n

He\u2019s chairman of the board of Endeavor Group Holdings, Inc. (NYSE:EDR), the parent company of the Ultimate Fighting Championship (UFC). Endeavor also acquired the OpenBet sports platform from the company, then known as Scientific Games, for $1.2 billion in September 2021.<\/strong><\/p>\n

Durban is the co-chief executive officer of Silver Lake. That investment firm holds a stake in Fanatics, which has long been rumored to be an eventual player in the sports betting industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Private equity firm Apollo Global Management (NYSE:APO), which operates the Venetian integrated resort on the Las Vegas Strip, is rumored to be in talks to contribute financing for Elon Musk\u2019s $44 billion takeover of Twitter (NYSE:TWTR). Musk\u2019s bid for the social media company is eliciting baseless, unfounded fears of threats to democracy on the left, […]<\/p>\n","protected":false},"author":46,"featured_media":212955,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1],"tags":[],"acf":[],"yoast_head":"\nApollo Could Help Musk In Quest To Acquire Twitter<\/title>\n<meta name=\"description\" content=\"Apollo Global could contribute more than $1 billion in financing for Elon Musk's Twitter takeover.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apollo Could Help Musk In Quest To Acquire Twitter\" \/>\n<meta property=\"og:description\" content=\"Apollo Global could contribute more than $1 billion in financing for Elon Musk's Twitter takeover.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-11T15:03:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-11T22:07:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/musk.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/\",\"url\":\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/\",\"name\":\"Apollo Could Help Musk In Quest To Acquire Twitter\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/musk.jpg\",\"datePublished\":\"2022-05-11T15:03:06+00:00\",\"dateModified\":\"2022-05-11T22:07:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Apollo Global could contribute more than $1 billion in financing for Elon Musk's Twitter takeover.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/apollo-could-help-musk-in-quest-to-acquire-twitter\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/musk.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/musk.jpg\",\"width\":1280,\"height\":1280,\"caption\":\"Elon Musk at the recent Met Gala in New York. 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