{"id":240919,"date":"2022-11-03T14:14:14","date_gmt":"2022-11-03T19:14:14","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=240919"},"modified":"2022-11-10T14:34:41","modified_gmt":"2022-11-10T20:34:41","slug":"apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/","title":{"rendered":"Apollo Open to Buying More Casino Assets as Venetian Thrives"},"content":{"rendered":"

The Venetian Las Vegas is thriving under the stewardship of Apollo Global Management (NYSE: APO). Things are going so well at that integrated resort that the private equity behemoth said it\u2019s open to acquiring additional casinos — in Las Vegas or in other regional markets.<\/p>\n

\"Venetian
The gondola rides at Venetian Resort Las Vegas. Operator Apollo Global told Nevada regulators it’s open to more casino acquisitions. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

Executives from Apollo made those remarks in an appearance before the Nevada Gaming Control Board (NGCB) earlier this week. The private equity company requested NGCB approval to distribute a $620 million dividend — further evidence of success at the Venetian — to its investors.<\/p>\n

NGCB asked Apollo representatives about the financial state of the Venetian and whether the operator is taking steps to prepare for the possibility of a recession adequately. Data confirm the integrated resort is, in fact, well-capitalized.<\/p>\n

We\u2019re run-rating north of $600 million of (adjusted earnings) for the business relative to 2019,\u201d Venetian CFO Robert Brimmer told the NGCB. \u201cWe\u2019re up 27%. This is a very broad-based recovery across our business. You\u2019re aware of the strength in the gaming numbers, but the hotel, food and beverage, and most importantly, our meeting and convention business is recovering very nicely.\u201d<\/p><\/blockquote>\n

In March 2021, Las Vegas Sands (NYSE: LVS) announced the sale of the Venetian, Palazzo, and Venetian Expo. to Apollo and VICI Properties (NYSE: VICI)<\/a> for $6.25 billion. Apollo paid $2.25 billion for the operating rights to the venues, while VICI shelled out $4 billion for the real estate. The transaction closed earlier this year.<\/p>\n

Apollo Interested in More Casinos<\/h2>\n

Brimmer told NGCB board members that Apollo is open-minded regarding potential acquisitions that could add to Venetian or otherwise.<\/p>\n

\u201cWe\u2019re always looking for M&A (mergers and acquisitions) to create network effects around the Venetian asset. We think it could be a marquee asset you can build around with other regional or Vegas assets, so that\u2019s something we\u2019re analyzing as well,\u201d he said.<\/p>\n

\n

Those comments aren\u2019t surprising, given the private equity shop\u2019s long-running history in the gaming industry. Apollo previously controlled Caesars Entertainment and today runs the Great Canadian Gaming Corp., Italy\u2019s Gamenet Group S.p.A, and is frequently tied to a slew<\/a> of gaming industry mergers and acquisitions rumors.<\/p>\n<\/div>\n

Specific targets weren\u2019t mentioned, but Apollo has the resources to affect a significant transaction \u2013 be it an outright takeover of a gaming company or purchasing another marquee venue.<\/p>\n

Bright Outlook for Venetian<\/h2>\n

Brimmer told the Nevada regulators Venetian has $300 million in cash it doesn\u2019t need on its balance sheet and that the Las Vegas rebound is sturdy.<\/p>\n

\u201cTo us, it appears to be a very durable recovery, and our most recent numbers for October were the best numbers we\u2019ve had in the last 10 years,\u201d <\/strong>he added.<\/p>\n

Last month, it was revealed Apollo is planning to allocate $1 billion<\/a> or more to enhancing the Venetian. That\u2019s a tidy sum, particularly when Las Vegas Sands spent $1.5 billion to build the venue, which opened in May 1999.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Venetian Las Vegas is thriving under the stewardship of Apollo Global Management (NYSE: APO). Things are going so well at that integrated resort that the private equity behemoth said it\u2019s open to acquiring additional casinos — in Las Vegas or in other regional markets. Executives from Apollo made those remarks in an appearance before […]<\/p>\n","protected":false},"author":46,"featured_media":240920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886,32093],"tags":[81897,23,81966],"acf":[],"yoast_head":"\nApollo Execs Tell NGCB Company Is Open To More Casino Acquisitions<\/title>\n<meta name=\"description\" content=\"Amid Venetian success, Apollo open to addition casino acquisitions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apollo Execs Tell NGCB Company Is Open To More Casino Acquisitions\" \/>\n<meta property=\"og:description\" content=\"Amid Venetian success, Apollo open to addition casino acquisitions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/\" \/>\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=\"2022-11-03T19:14:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-10T20:34:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/Venetian.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1334\" \/>\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-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/\",\"url\":\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/\",\"name\":\"Apollo Execs Tell NGCB Company Is Open To More Casino Acquisitions\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/Venetian.jpg\",\"datePublished\":\"2022-11-03T19:14:14+00:00\",\"dateModified\":\"2022-11-10T20:34:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Amid Venetian success, Apollo open to addition casino acquisitions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/apollo-execs-tell-ngcb-company-is-open-to-more-casino-acquisitions\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/Venetian.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/Venetian.jpg\",\"width\":2000,\"height\":1334,\"caption\":\"The gondola rides at Venetian Resort Las Vegas. 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