Control Board recommends approval for Apollo’s acquisition of Venetian

Apollo Global Management Inc. moved a step closer to acquiring The Venetian, Palazzo and The Venetian Expo from Las Vegas Sands Corp. on Wednesday when it received unanimous approval from the Nevada Gaming Control Board.

The Control Board spent more than two hours collecting testimony from David Sambur, co-head of private equity for Apollo, and Venetian President and Chief Operating Officer George Markantonis, who will be the CEO of the new subsidiary operating the property.

The Control Board’s recommendation will be considered for final approval by the Nevada Gaming Commission on Feb. 17. The deal is expected to close after Gaming Commission approval.

Apollo, Sands and Vici Properties Inc. first announced the deal in March. Under the deal, Apollo, a New York-based private investment company founded by real estate investor and former CEO Leon Black, would pay $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement.

New York-based Vici, a real estate investment trust affiliated with Caesars Entertainment Inc., is paying $4 billion in the transaction and will hold the Venetian real estate.

Source: https://www.reviewjournal.com/business/casinos-gaming/control-board-recommends-approval-for-apollos-acquisition-of-venetian-2523229/