Apollo Global Management (NYSE: APO) is set to join the S&P 500, announced S&P Dow Jones Indices after market close. The company, which operates the Venetian casino hotel and convention center in Las Vegas, saw its stock surge 6.14% in after-hours trading following the news.

The company will replace Qorvo Inc. in the index, with changes taking effect at market open on December 23. Apollo joins fellow private equity firms Blackstone and KKR as the third such company in the S&P 500.

Since acquiring the Venetian's operating rights for $2.25 billion in March 2021 (as part of a $6.25 billion deal with VICI Properties), Apollo has:

• Invested $490 million in property improvements
• Added new restaurants, a sportsbook, and poker room
• Committed an additional $1 billion for future developments

The S&P 500 inclusion is significant as the index:

• Is one of the world's most widely tracked equity benchmarks
• Has trillions of dollars benchmarked to it
• Requires both active and passive funds tracking the index to purchase newly added stocks

Apollo's gaming portfolio continues to expand, with pending acquisitions of Everi and International Game Technology's global gaming and PlayDigital units. This marks a successful return to Las Vegas gaming operations following their previous experience with Caesars Entertainment, which ended in bankruptcy in 2017.

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