In plain words
The poet, of Vēṅkaṭam: The holy hill where the gods of the earth [the Lord's devotees] live is the place given of old to the ancient immortals [his eternal attendants] by the Lord of the milk ocean, to whom the gods, having worshipped him and held within them the five elements and the five senses that stand in their way, come full of love, jostling one another, and bow.