Who Owns the Venetian Resort Las Vegas?
Venetian Resort Las Vegas
The Venetian Resort Las Vegas is more than just a casino, offering upscale shopping, world-class dining and luxury hotel accommodations. It also offers a wide variety of entertainment and leisure activities, including a theater, art gallery, a renowned spa, and more. As a result, the iconic destination has established itself as an international travel and tourism hub.
In 2022, the property was sold to a private equity firm and real estate investment trust. Apollo Global Management and VICI Properties paid $6.25 billion in a deal that included $2.25 billion for the operating company and $4 billion for the land and real estate assets.
Since the transaction was completed, Apollo has been supporting the team at The Venetian Resort Las Vegas to execute a comprehensive plan to invest in enhancing the property and its offerings, incentivize and engage employees, and catalyze growth across the business – leveraging the firm’s strong track record in hospitality, travel, gaming and leisure from previous investments in companies such as Great Wolf Resorts, PlayAGS, Great Canadian Gaming, Sun Country Airlines and Norwegian Cruise Lines.
Who Owns the Venetian Resort Las Vegas?
New owner Apollo will continue to employ the current team at The Venetian, Palazzo and Venetian Expo Center. The company also expects to maintain the day-to-day operations of the Strip resorts, which include more than 7,000 all-suite rooms and 2.3 million square feet of meeting space. George Markantonis, the top executive overseeing the operation of The Venetian and Palazzo, will remain in his role as chief executive officer, ensuring the strategies and direction for the iconic destination are carried out in the same manner under the new ownership structure.
Besides continuing the same operational direction, Apollo is planning to make significant upgrades at The Venetian, with the president and CEO of the property recently telling Travel + Leisure that the company will be investing “north of $1 billion touching every aspect of the experience from arrival to amenities within.”
Conventions are a key component of the property’s revenue, but the COVID-19 pandemic forced millions of individuals to stay home during the period. Consequently, some businesses shifted their meeting plans and conventions to other cities, with some canceling entirely. As a result, it’s unclear how long it will take for the business to recover.
But despite the uncertainty, Apollo believes in the long-term success of The Venetian and other travel related companies. “Las Vegas is resilient and able to bounce back from challenging events like the pandemic,” Goldstein said in a statement. He added that the company’s goal is to make The Venetian and other resorts a leading destination for travelers around the world, regardless of what challenges come their way in the future. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds, Brownstein Hyatt Farber Schreck LLP served as Nevada local and gaming regulatory counsel, and Eastdil Secured was the real estate advisor in the transaction. The Motley Fool has no position in any of the stocks mentioned.