Apollo Global Management

Apollo Global Management operates the Venetian and Palazzo complex through its Apollo Resorts & Entertainment subsidiary. Apollo acquired the operations from Las Vegas Sands for $2.25B in February 2022. The same transaction sold the real estate to VICI Properties for ~$4B — making Apollo a tenant of VICI, paying ~$250M/yr in rent.

This was Las Vegas Sands' exit from the Strip — the company chose to focus on its Asian properties (Marina Bay Sands, the Macau portfolio) and to redeploy capital into a potential New York casino bid. Apollo is the operator of record on the Venetian's casino license.

Properties owned (3)

• The Venetian Resort Las Vegas — Apollo operates (since 2022) · VICI owns the dirt
• The Palazzo at the Venetian — Apollo · VICI · part of the Venetian complex
• Venetian Expo (Sands Expo) — Convention center within Venetian complex

References

1. Apollo-Venetian acquisition close, Feb 2022 — operations $2.25B, real estate $4B (sold to VICI). APO SEC filings.