Venetian Waiting for Final Approval for $550m Dividend Distribution
Summary:
- The Venetian in Las Vegas is getting ready for a massive dividend distribution.
- The resort will take a $550 million distribution after being greenlit by the Nevada Gaming Control Board.
- The decision will benefit private owner Apollo Global Management and its investors.
Robert Brimmer, the chief financial officer at The Venetian on the Las Vegas Strip, has spoken about the resort’s strong, record-breaking financial markers, expressing optimism while highlighting the fact that the resort went over its budget and goals by impressive margins in 2023.
Now, the iconic resort’s owners are getting ready for an important $550 million dividend distribution, after receiving approval from the Nevada Gaming Control Board.
The decision will bring benefits to private owner Apollo Global Management and its investors.
The Venetian is currently waiting for the Nevada Gaming Commission’s final approval. The commission will reunite later in the month.
CFO Brimmer Expects 2024 to be Equally Good
Brimmer wasn’t shy of speaking confidently about the resort’s excellent financial performance which he tied to the total $490 million capital investments that Apollo had injected into it since acquiring the resort at the start of 2022 from Las Vegas Sands Corp.
The CFO also spoke about 2024’s similarly promising trends, as the resort has not taken a break from meeting all of its financial targets while gaining more market share.
Apollo’s investments helped revitalize the property while improving both revenue and the satisfaction of customers using a culture where employees think like owners and accountability and performance are automatically boosted.
Since February 2022, Apollo has successfully committed to its $1 billion capital plan. Of the amount, $900 million was slated for deployment over 2024-2025.
The funds are meant to cover property upgrades, which include the massive renovation of 4,000 suites and the addition of new restaurants, high-limit gaming spaces, and entertainment spaces.
By the end of last month, The Venetian had reached $830 million in cash reserves. Following the announced dividend distribution, the resort would still retain $280 million, providing it with the necessary liquidity for continuous support and future investments.
The Nevada Gaming Control Board’s positive recommendation shows its confidence in the property’s strategy and financial health.
By enhancing the resort, Apollo wishes to strengthen its position as a premier destination on the Strip.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
