The Venetian Las Vegas set for $1bn renovation
Apollo Global Management has revealed that The Venetian Resort Las Vegas will receive a renovation of over USD $1 billion. This will be one of the most extensive Strip venue updates in years.
Apollo acquired the Las Vegas resort early this year, and at the time, the company promised to continue investing in The Venetian. The recently appointed CEO, Patrick Nichols, joined Travel + Leisure in a recent interview and shed some light on the current plans for the hotel and casino resort.
According to Nichols, he would fulfill the previous commitment by making renovations “north of $1 billion touching every area of the guest experience”. The CEO was appointed as the Venetian head in June but previously held the post of General Manager at The Cosmopolitan.
Nichols explained that the remodeling was in a bid to “elevate” experiences in the entire resort. The change will affect every area of The Venetian, including its restaurants, nightlife, and casino area.
“We are looking to elevate our experiences resort-wide. Arrival experiences will be different. For both The Venetian and The Palazzo, we plan to renovate, remodel, and redesign all of our suites. We will be offering a number of new [food-and-beverage] concepts, we are taking a deep look at entertainment, nightlife, and bar offerings, and the casino floor will feel significantly different as well,” Nichols said.
The Venetian CEO revealed that the 47,000-square-foot pool deck of the Las Vegas resort would receive a complete overhaul, and a $50 million TAO Beach Dayclub addition will be added in partnership with TAO Group. Los Angeles design collective RIOS has already been contacted to take charge of The Venetian’s redevelopment.
Nichols further clarified that the famous Italian theme of The Venetian would not be affected by the wide-scale renovation. The venue would, however, receive some changes to get it up to speed with current-day Italy.
“We are a themed hotel, and we will always be a themed hotel. That sets us apart, but the Italy of the ’90s that The Venetian was modeled after has evolved. If we are able to lean into that through the spirit of Italy and discovery, we are not going to look like just another hotel that has refreshed their rooms,” Nichols said.
According to Nichols, The Palazzo already has construction walls where renovations on certain areas have begun. Two of the spaces currently in construction will reportedly be the first Israeli dining concepts supplied by chef Eyal Shani.
The first will be the Miznon, which will be launched towards the end of the year. HaSalon, the second space, will begin operations in the spring of 2023. The Chief Content Officer of the property, Michael Gruber, was behind the idea of bringing the two dining concepts to Las Vegas.
The Venetian has also collaborated with Madison Square Garden Entertainment in order to build an MSG Sphere worth $1.85 billion. The venue will reportedly open ahead of the 2023 FIA Formula One grand prix set to take place in Las Vegas in November 2023.
The MSG Sphere will hold around 20,000 guests within its impressive 160,000 square feet and will likely become one of the most significant spherical structures in the world. Nicholas explained the new structure would be “a category killer, game-changing entertainment venue, and a huge asset for The Venetian”.
He added: “Our guests will be able to walk directly from the resort indoors to catch a residency show or check out some attractions during the day.”
Las Vegas Sands originally announced the sale of its LA resort, The Venetian, The Palazzo, and The Venetian Expo convention center in March 2021. The recipients, Apollo and VICI Properties, paid $6.25 billion for the property, with the investment company producing $2.25 billion for the venues’ operating rights. In comparison, VICI paid $4 billion for the properties’ real estate. The deal was finalized in February this year.
Apollo’s move to remodel The Venetian is immensely beneficial to VICI because, due to the gaming industry’s lease structure terms, the responsibility of property refurbishment and maintenance was placed on the operators rather than the landlords.
Besides the Venetian, VICI owns the venue’s associated assets as well as Caesars Palace and other notable properties on the Last Vegas Strip.