“I think the MSG Sphere is going to change the landscape, certainly of the north end of the Strip, considerably,” said George Markantonis, CEO of the new Apollo subsidiary operating the property. on the development of the $1.9 billion, 17,500-seat MSG Sphere at The Venetian being built just east of The Venetian Expo. The deal officially closed when stock markets ended trading Wednesday.Īpollo executives told regulators last week that entertainment will be a key focus of emphasis for the new owners and that the company is excited to step into the partnership with Madison Square Garden Entertainment Corp.
Apollo will pay Vici rent under terms of the deal. Vici acquired the resort’s land as a real estate investment trust, while Apollo purchased the property’s cash flow and operations. New York-based Vici, a real estate investment trust affiliated with Caesars Entertainment Inc., is paying $4 billion in the transaction. Under terms of the deal, Apollo is paying $1.05 billion in cash and $1.2 billion in seller financing in the form of a term loan credit and security agreement. announced the massive deal in March 2021. The $6.4 billion sale of those Strip properties by Las Vegas Sands Corp. (Benjamin Hager/Las Vegas Review-Journal) Venetian, Palazzo and The Venetian Expo officially have new owners. The Venetian and Palazzo on Wednesday, Feb.
