In the shimmering heart of the Las Vegas Strip stands the Venetian, an opulent realm of chance and luxury that Apollo Global Management has steered since its acquisition. Now, the towering testament to human extravagance could be on the cusp of a $550 million boon, pending approval from the keen-eyed overseers of Nevada’s famed gaming industry.
As the midday sun beat down on the desertscape, Apollo laid out its grand plans before the Nevada Gaming Control Board (NGCB), which, in a nod of preliminary support, gave its blessing to the proposed distribution. A fortress of fortune looming over Las Vegas Boulevard, the Venetian’s coffers overflow, leading the NGCB to cast their favorable vote, which will soon resonate before the Nevada Gaming Commission (NGC) awaiting their decisive chorus later this month.
The Venetian’s Chief Financial Officer, Robert Brimmer, stood firm before the board, his words ever confident, “We don’t need the $550 million to execute against the business plan. We have adequate liquidity and we have our capital source. With the money we have and cash flow we expect to generate, we’re able to invest this $1 billion over the next 18 months.” Indeed, the financial wellspring at the Venetian runs deep, with $830 million lining its vaults — a sum that ensures the grandeur of the resort would persist, unscathed by Apollo’s anticipated withdrawal.
Merely a year past, a grand reshuffling of Las Vegas real estate saw the Venetian change hands, with Apollo and VICI Properties inking a hefty $6.25 billion deal for the integrated resort, securing the operational reins and the immaculate foundations upon which the Venetian stands. Apollo, having dispensed $2.25 billion for a slice of Las Vegas royalty, has not taken its stewardship lightly.
Displaying a robust commitment to the Venetian, Apollo has not only strengthened its financial stature but enkindled a renaissance within its palatial walls. Last December, an $11 million gratuity graced the pockets of 7,000 dedicated stewards of service within the Venetian, igniting a fervor that reverberates through the marbled halls.
Brimmer, casting a vision of an even more resplendent future, proclaimed, “The asset is in great shape, and once we finish our plan toward the end of 2025, we will be in the best condition in the last 25 years.” The expansive vision includes lavishing $900 million on the property over a two-year period, tantamount to an artistic restoration of a fabled masterpiece — all designed to amplify guest experiences and incite investor delight.
Such ambitious endeavors come with the weight of history upon them, as Apollo is no stranger to the dance of desert lights and fortunes. Recollections of the colossal $30 billion leveraged buyout of Caesars Entertainment in 2008 by Apollo and TPG Capital hang in the air — a dramatic prelude to a bankruptcy that would not be forgotten. Redemption, however, could be woven into the very fabric of the Venetian’s gilded drapes.
Under Apollo, the Venetian has thrived like a desert bloom. An infusion of $490 million has already sprouted new dining establishments, a revamped sportsbook, and a fresh poker room. The Venetian’s ambitions swell with plans for an entertainment theater to enchant the masses, an array of culinary havens, and the reimagining of 4,000 rooms within the Venetian and the Palazzo towers. A balancing act of innovation and economic prudence positions the Venetian to stride confidently into the future.
“The Venetian continues to grow market share,” Brimmer declared, assurance ripe in his voice, as forecasts herald strong market trends, underpinned by robust financial results that define the pulse of the Strip. In the dance of desert dreams, Apollo’s hand appears to be steadily guiding the Venetian toward a renaissance that will illuminate Las Vegas’s skyline.
