Apollo Given Green Light For LVS Acquisition In Nevada
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Apollo Global Management the private equity firm has been given the green light by Nevada regulator, the Nevada Gaming Commission to acquire the assets and operations of Las Vegas Sands (LVS) for a full total of $6.2 billion.
In a meeting held on Thursday 17th February by the regulator who voted in favour of the takeover by 4-0, this means Apollo will now own the operations of the Venetian Resort Las Vegas, Palazzo and the Sands Expo and Convention Center along with their property vehicle Pioneer OpCo LLC will acquire all land properties attached to all properties.
The deal will have $1 billion in cash, $1.2 billion in secured loans for LVS and $4 billion in cash for all land assets. It is believed that the deal now could be completed by the end of this month.
LVS has stated that their focus in now on developing the Asian market and new opportunities elsewhere. Indeed LVS has already earmarked $2.2 billion to develop their Cotai properties in Macau and $3.3 billion in expanding their resort in Singapore.
