Over the past two years, Apollo has made significant moves in the casino gaming industry. This includes the acquisition of Great Canadian Gaming for CA$3.3bn and the appointment of industry leader Tony Rodio as CEO. Additionally, Apollo acquired International Game Technology’s Italian operations for €950m and made an investment in Gamenet Group. They have also expressed interest in assets such as William Hill and Tabcorp’s Wagering & Media business. Recently, Apollo announced the acquisition of The Venetian in Las Vegas, with plans to optimize its performance and enhance the guest experience.
The rebound of Las Vegas has proven the success of Apollo’s investments. Nevada’s gaming revenue has been consistently over $1bn for the past nine months. While the closure of the Venetian deal is still pending, Apollo is confident in its potential success. They believe that there are many opportunities to invest in the gaming and hospitality guest experience, which is their main focus in maximizing the value of The Venetian. Additionally, Apollo is excited about supporting Great Canadian Gaming in their growth ambitions and sees Tony Rodio as a valuable asset in taking the business to the next level.
Looking at the US market, Apollo recognizes its complexity and the varying impact of brick-and-mortar and online gaming in different regions. They remain open-minded about online gambling, as demonstrated by their investment in Lottomatica, Italy’s market leader for online sports betting. Apollo also highlights their experience with Gala Coral in Great Britain, which has become a market leader in online gaming.
In terms of the US sports betting market, Apollo sees potential in leveraging Yahoo Sports, which has a large and engaged audience. They believe that Yahoo could compete with leading companies like ESPN and have an edge in sourcing new customers at attractive acquisition costs. This strategic asset aligns with Apollo’s experience in the gaming industry and their ambition to optimize its value.
Apollo’s global lens extends beyond North America, with a focus on scale, consolidation, and investment in improved products that customers value. Their track record in the gaming industry, combined with their experience and comfort in navigating different jurisdictions, allows them to identify trends and find value where others may not.
In summary, Apollo’s recent investments and strategic approach position them as a significant player in the casino gaming industry. With a focus on maximizing the value of acquired assets, investing in the guest experience, and staying open to online gambling opportunities, Apollo is poised for continued success and growth.
