Apollo Global confident in return of business conventions as it strikes deal with Las Vegas SandsNo ratings yet.

Apollo Global confident in return of business conventions as it strikes deal with Las Vegas Sands
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But when it comes to large business conventions, specifically, the outlook may be different than a small group of employees flying to a city for a meeting or two. As Sambur noted, a growing number of companies are giving employees greater geographic flexibility for even after the Covid crisis ends, potentially increasing the desire to hold a few large gatherings a year while more work is otherwise done remotely.

“Traditionally business travel is correlated with corporate profits and the stock market, both of which … are doing quite well,” added Sambur, who took over his current position at Apollo Global in September 2019.

As the New York-based firm looked at the particulars of a deal with Sands, Sambur said it found reasons to have a positive outlook.

“The other thing we were able to do as part of our due diligence was really look at the business that’s on the books for the next three or four years because the convention business books out several years in advance,” he said. “We were able to speak to several customers and a get a sense of their travel plans, and based on that work, we were comfortable that people will return to going to conventions.”

Apollo Global is taking a more bullish view on the travel recovery overall, Sambur said, pointing to the firm’s investment in Expedia last year, among others. Sambur joined the online travel company’s board of directors.

“We’ve been amongst the most active in terms of expressing a view that once people are comfortable and feel safe enough to do, they’ll resume past behaviors,” he said.

Also Wednesday, Apollo Global announced a $3.3 billion deal to take arts and crafts retailer Michaels private.

Shares of Apollo Global closed Wednesday up nearly 1% at $50.41 apiece.

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