New CEO Takes the Reins at The Venetian and Palazzo Resorts
Patrick Nichols has been appointed as the Chief Executive Officer of The Venetian and Palazzo resorts, situated in Las Vegas, merely four months after Apollo Global Management procured the establishments. This is a significant event in the realm of Las Vegas resorts, as The Venetian and Palazzo are renowned properties.
Nichols is no stranger to the Las Vegas Strip. He previously held the position of General Manager at MGM Resorts International’s Cosmopolitan, a role he departed from after MGM finalized its acquisition of the property. He has large tasks ahead, succeeding George Markantonis, who has been leading The Venetian for the past seven years and is a well-regarded figure in the sector. Rest assured, the changeover will be seamless – Markantonis will remain until August 1st to assist Nichols in acclimating. Subsequently, he will transition into a specialized advisory position on Apollo’s board.
David Sambur, a high-ranking executive at Apollo, commended Nichols, stating that his background in managing and expanding entertainment, hospitality, and group event enterprises makes him the ideal candidate to build upon the solid base George established.
Nichols himself appears enthusiastic to commence. He is acquainted with the Venetian team and has been impressed by their capabilities. He is prepared to work alongside them and Apollo to elevate the resort to new heights.
As a quick recap, Apollo, in conjunction with real estate investment trust VICI Properties, acquired The Venetian for a substantial $6.25 billion back in February 2022. This appointment demonstrates their commitment to maintaining The Venetian and Palazzo’s position at the forefront of the Las Vegas luxury and entertainment landscape.
The Palazzo and Venetian, a sprawling complex on the Las Vegas Strip, was once the site of the Sands Hotel. With more than 7,000 guest accommodations, a seemingly endless gaming floor, and enough conference facilities to accommodate a modest municipality, it is truly immense.