When Daniel Cohen and his colleagues at private equity giant Apollo began due diligence on a $6.25B acquisition of the Venetian casino and hotel in Las Vegas in autumn 2021, the business was losing $1M a day, casinos had only just been allowed to operate at full capacity and there was no debt available to finance the acquisition. But the company still believed in Vegas.
“We’re in the business of taking measured bets,” Cohen, a partner in Apollo’s private equity division told Bisnow. “Las Vegas is an incredible, resilient investment destination, and we thought that people would want to be together…