Regulators approve Apollo to buy Sands after questions about former chairman, Caesars

New York-based private equity firm Apollo Global Management received preliminary approval from Nevada gaming regulators Wednesday for its portion of the $6.25 billion sale of the Strip properties owned by Las Vegas Sands Corp.

Much of the more than two-and-a-half-hour hearing in Las Vegas focused on what regulators described as the “elephants in the room,” including the firm’s controversial former chairman Leon Black and the reasons behind Apollo’s two-year-long bankruptcy reorganization that ended its 11-year ownership of Caesars Entertainment.

Apollo is acquiring the operations of The Venetian, Palazzo and Venetian Expo Center for $2.25 billion. Las Vegas Sands is providing $1.2 billion of seller financing with the private equity company putting up $1.05 billion. Real estate investment trust VICI Properties is paying $4 billion for 63 acres of Strip real estate, as well as an additional 19 adjacent acres off Koval Drive where the $1.8 billion MSG Sphere is being developed.

The three-member control board unanimously approved the transaction, which will be considered by the Nevada Gaming Commission on Feb. 17.

Read more: https://thenevadaindependent.com/article/regulators-approve-apollo-to-buy-sands-after-questions-about-former-chairman-caesars