(Bloomberg) — Employees of the Venetian Casino Hotel in Las Vegas will get a chance to participate in some of the profits from the $6.25 billion purchase of their workplace.
Apollo Global Management Inc., which last month closed on its acquisition of the resort in association with real estate investment trust Vicki Properties Inc., is offering equity-like rewards to the resort’s nearly 7,000 employees.
The New York-based asset management firm said the awards will give employees part of Apollo’s appreciation of the investment and are potentially $70 million, or about $10,000 per employee. This money is in addition to the amount that employees usually earn in salaries and bonuses.
Private equity firms have been criticized for their low labor costs and, in some cases, banking companies for their high levels of borrowing. Apollo, which expects to do more such rewards programs in its other portfolio companies, said it believed it was the first such offer in the casino and hospitality industry.
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