The owners of the Venetian on the Las Vegas Strip are in for a windfall, with a $550 million distribution approved by the Nevada Gaming Control Board. This substantial payout is set to benefit Apollo Global Management and its investors, pending final approval from the Nevada Gaming Commission later this month. Venetian CFO Robert Brimmer emphasized the resort’s robust financial health, mentioning that 2023 saw the property surpassing its budget and objectives by impressive margins. Brimmer highlighted that this upward trend is expected to continue into 2024, with the Venetian consistently hitting its financial targets and gaining market share.
Brimmer attributes much of this success to the capital investments Apollo has poured into the property since acquiring the Venetian from Las Vegas Sands Corp in February 2022. The $490 million revitalization efforts have not only enhanced customer satisfaction but have also significantly boosted revenue. By fostering a culture where employees think like owners, Apollo has increased accountability and performance across the board. This strategic approach has solidified the Venetian’s competitive standing, with further commitments on the horizon, including a $1 billion capital plan slated for 2024-2025.
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