Iconic Las Vegas Strip Casino Has New Owner with a Dodgy Past
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Iconic Las Vegas Strip Casino has new owner with a dodgy past. Caesars Entertainment Inc. was cleared to return to owning a major property on the Las Las Vegas Strip. Caeres Entertainment went into bankruptcy. The new operator could bring about redemption or another bust.
Apollo Global Management Inc. bought The Venetian Resort and Sands Expo and Convention Center Operating Company from Las Vegas Sands Corporation. Las Las Vegas Gaming Commission approved the deal unanimously. The new owner of TheVenetians, Apollo, owned Caesars, which filed for bankruptcy in 2008. Leon Black resigned as Apollo CEO a year ago. He had associations with convicted sex offender Jeffrey Epstein.
Apollo Funds will pay $2.25 billion for the operating company of The Venetian and $4 billion to VICI Properties for its underlying land and real estate assets. The deal will give Apollo the opportunity to invest in and accelerate its growth. Las Vegas Sands was previously run by Sheldon Adelson, who passed away in January, 2021. Adelson bought the former Sands Hotel in 1989 and turned it into a convention center.
