(Bloomberg)—Employees at the Venetian casino hotel in Las Vegas will have a chance to participate in some of the upside from the $6.25 billion purchase of their workplace.
Apollo Global Management Inc., which closed on its acquisition of the resort last month in collaboration with the real estate investment trust Vici Properties Inc., is offering an equity-like award to the resort’s roughly 7,000 employees.
The awards will give the workers a share of Apollo’s appreciation of the investment and are potentially worth $70 million or about $10,000 per employee, the New York-based asset management firm said. The money is in addition to what the workers would normally earn in salary and bonuses.
Private equity firms have been criticized for slashing labor costs and in some cases bankrupting companies with their high level of borrowing. Apollo, which expects to do more such award programs at its other portfolio companies, said it believed this was the first such offer in the casino and hospitality industry.
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