Future Venetian owner touts solid third-quarter earnings

One of the aboriginal caller owners of The Venetian, Palazzo and The Venetian Expo connected Tuesday told investors that concern is thriving and touted the company’s third-quarter results.

Marc Rowan, co-founder, CEO and manager of New York-based Apollo Global Management Inc., said net were strong, adjacent though revenue, nett income and net per stock were beneath third-quarter 2020 levels.

Apollo connected Tuesday reported nett income of $676.1 million, $1.11 a share, connected gross of $1.018 cardinal for the 4th that ended Sept. 30. By examination for the aforesaid play successful 2020, the institution reported $1.505 cardinal successful nett income, $2.70 a share, connected gross of $1.382 billion.

The company’s committee of directors is declaring a dividend of 50 cents a stock that volition beryllium paid Nov. 30 to shareholders of grounds arsenic of Nov. 19.

“Our concern is thriving and we are accelerating connected each fronts,” Rowan said. “Continuing to turn our plus origination capabilities is cardinal to our strategy.”

Las Vegas Sands Corp., New York-based Vici Properties Inc. and Apollo successful March announced plans for Sands to merchantability The Venetian, Palazzo and The Venetian Expo normal halfway to Apollo for $6.25 billion. Apollo would ain the currency travel operations of the casino concern and wage Vici rent for the properties erstwhile the woody closes, which is expected by the archetypal 4th of 2022.

Vici would lend $4 cardinal to the woody with $2.25 cardinal coming from Apollo.

In Vici’s net telephone past week, executives said they are enthusiastic astir the deal, which would assistance the institution go the largest existent property holder connected the Strip, with 10 properties. The institution already has acquired $21 cardinal successful existent property assets successful 2021.

In Tuesday morning’s league telephone with Apollo executives, The Venetian acquisition was not discussed.

Apollo is known chiefly arsenic an capitalist successful credit, backstage equity and existent property assets, but it was erstwhile bulk proprietor of what is present Caesars Entertainment Inc. Apollo and TPG Capital acquired what was past known Harrah’s Entertainment Inc. successful 2008 for $17.1 cardinal successful currency and $10.7 cardinal successful assumed debt.

Apollo’s gaming days are present a distant memory.

“We precocious presented our multi-year maturation program astatine Investor Day, and the grounds quarterly distributable net reported contiguous represents a coagulated archetypal measurement toward our goals,” Rowan said. “Importantly, we are continuing to pull astonishing radical to articulation our team, bolstering our quality to make important worth for each our stakeholders.”

In summation to The Venetian deal, Apollo has a pending merger with Athene Holding Ltd., a status services institution that issues, reinsures and acquires status savings products designed for the expanding fig of individuals and institutions seeking to money post-career needs.

In midday trading Tuesday, Apollo shares, connected the New York Stock Exchange, were astatine $75.72 a share, down 61 cents, 0.8 percent from its opening price.

The Review-Journal is owned by the household of Dr. Miriam Adelson, bulk shareholder of Las Vegas Sands Corp. Las Vegas Sands operates The Venetian, Palazzo and The Venetian Expo.

This is simply a processing story. Check backmost for updates.

Contact Richard N. Velotta astatine rvelotta@reviewjournal.com oregon 702-477-3893. Follow @RickVelotta connected Twitter.