The new operator of The Venetian Resort Hotel Casino has reportedly announced the premiere of an ‘equity-like’ sharing program that could potentially see its around 7,000 employees share in financial benefits worth thousands of dollars.
According to a Wednesday report from the Las Vegas Sun newspaper, Apollo Global Management Incorporated inked a deal worth some $2.25 billion last year so as to take over the running of the prestigious Nevada property from Las Vegas Sands Corporation. The New York-listed private equity enterprise has now purportedly declared that it intends to give all of the venue’s workers the chance to share in any ‘value creation’ regardless of their roles or job titles.
Erin Clark serves as a spokesperson for Apollo Global Management Incorporated and she reportedly disclosed that the fresh scheme has been designed to give employees of the 4,000-room Las Vegas Strip development an opportunity to capitalize on the growth in her firm’s initial investment. She also pronounced that the size of any final rewards will depend entirely on the eventual value monetization but could involve individual workers pocketing as much as $10,000 if the property changes hands.
Reportedly read a statement from Clark…
“It’s a broad program. This is just hypothetical but say the business is worth $2 billion today but at exit it was worth $4 billion; employees would get a piece of that $2 billion in value creation.”
Clark reportedly divulged that this is the first time Apollo Global Management Incorporated has rolled out this type of program, which she stated represents ‘an example of good corporate governance’ and could simultaneously serve as ‘a helpful retention or recruitment tool’. The representative moreover proclaimed that employees of The Venetian Resort Hotel Casino and its 3,000-room The Palazzo hotel ‘should be able to benefit from what we plan to do together’ via the eventual appearance of annual payments or lump-sum rewards.
Clark’s statement reportedly read…
“If we’re coming in and telling people we’re so excited about this business and that we think there’s tons of room for growth, everyone should be able to think like owners. It’s very similar to an employee having equity in a company. It’s equity-like.”
David Sambur is a partner at Apollo Global Management Incorporated and he reportedly used a statement earlier in the year to express confidence regarding the future of The Venetian Resort Hotel Casino. The entrepreneur purportedly noted that the agreement with Las Vegas Sands Corporation furthermore gave his company the operating rights to the nearby Sands Expo and Convention Center with the Vici Properties Incorporated real estate investment trust holding the titles.
The statement from Sambur statement reportedly read…
“With pandemic restrictions lifting and travel indicators all trending higher, we believe the future for this property and the entire Las Vegas consumer and business tourism market is brighter than ever.”