A variable valve operating apparatus including an electric motor including a motor housing with a permanent magnet, and a speed reducing mechanism having a casing, the motor housing and the casing of the speed reducing mechanism being coupled to each other by a plurality of bolts, wherein the motor housing includes a convex portion formed in a portion of the motor housing which is opposed to one axial end of the permanent magnet, the convex portion having a threaded hole into which a tip end portion of each bolt is screwed, and a projection formed on an axial end surface of the convex portion in alignment with the threaded hole in an axial direction of the threaded hole, and wherein the axial end surface of the convex portion is located further spaced from the one axial end of the permanent magnet than the projection.