On February 8, multiple executives from Apollo Global Management went before the Nevada Gaming Control Board (NGCB), all of whom were recommended for licensure by the Nevada Gaming Commission (NGC).
Perhaps the biggest topic of discussion, however, was the success of the Venetian, which Apollo acquired from Las Vegas Sands Corp. in February of last year.
Monta Ozolina, a board member for Apollo, told regulators that the property “has been a tremendous success” and serves as “a testament to our team members and their dedication and our world-class management team,” as reported by CDC Gaming Reports.
“It’s incredible to see what our team members have done in the last year and, in turn, the amazing initiative that the management team has rolled out for our team members—everything from ice cream in the employee dining room to being part of the financial success of the property,” Ozolina added. “We made our first distribution to team members in December, hopefully the first of many.”
The distribution Ozolina was referring to were the $1,500 bonuses that Apollo gave out to its roster of over 7,000 employees before the end of the year.
Ozolina went on to say that the property’s “employee base is incredibly invested already,” and that Apollo “believes in the Venetian story,” as reported by CDC.
Back in November of last year, Robert Brimmer, CFO of the Venetian, told regulators at a separate hearing that the property was on track to out-perform its metrics from 2019, having brought in more than $300 million in cash in addition to its reserve funds of approximately $350 million. Brimmer repeated those sentiments this time around.
According to CDC, Brimmer said that things are “going extremely well” for the property, and thanked the “amazing employee culture” that was established by LVS and its late founder Sheldon Adelson. He also added, however, that the next three years will be extremely busy for Apollo, with “significant investment in the property that will drive a lot of financial growth and opportunities for team members and a better customer experience.”
Apollo already added 200 slots to the Venetian floor last year, but plans to completely overhaul just about every aspect of the renowned Strip destination in the years to come, to the tune of about $1 billion. Renovations are expected to include everything from the casino floor to its rooms and convention space.
