Apollo Global Management also plans to invest $1 billion in the Las Vegas Strip property to remodel rooms and upgrade the casino floor.
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Workers recently tore down a 1960s-era Travelodge on Las Vegas Boulevard as the Houston billionaire pushes ahead with plans for a towering upscale resort.
The Houston billionaire acquired 6.9 million shares in the Las Vegas-based casino operator, comprising a 6.1 percent ownership stake.
The $308 million deal for the Las Vegas Strip hotel-casino with Penn Entertainment is on track for Nevada Gaming Commission approval this month.
Malaysia-based Genting Group will make its Las Vegas debut in June with a $4.3 billion, 3,500-room megaresort on 87 acres formerly occupied by Boyd Gaming Corp.’s Stardust resort.