Leon Black and Apollo's Pursuit of Sands Corp

Apollo Global Management (along with VICI Properties) struck a massive deal to acquire The Venetian Resort, Palazzo, and Sands Expo from Las Vegas Sands for about $6.25 billion. The deal split the real estate and operations: VICI bought the land and real estate assets (~$4 billion), while Apollo acquired the operating company. Apollo is responsible for running day-to-day operations including hotel rooms, casinos, dining, entertainment, and conventions. Seller financing and favorable lease terms with VICI were part of the structure, making it a complex transaction with shared responsibilities

Regulators in Nevada approved Apollo’s license to operate the properties, despite concerns tied to Apollo’s past (notably its prior ownership of Caesars and founder Leon Black’s controversies). To address those concerns, Apollo agreed to strict governance structures: Leon Black, though still a shareholder, would have no day-to-day control, no board seat, and would stay fully separated from decision-making for these properties. Apollo reinforced that this deal is very different from its prior stressful venture with Caesars, mainly with less leverage, clearer operational expectations, and stronger protections.

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source:

https://www.nevadacurrent.com/2022/02/01/as-apollo-makes-license-bid-for-sands-founder-alleges-conspiracy-against-co-founder/

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