Wednesday, Feb. 23, 2022 | 1:30 p.m.
The sale of the Venetian from the Las Vegas Sands Corp. to a New York-based asset management firm is a done deal.
A $6 billion deal to purchase the Strip resort, along with the Palazzo and Venetian Expo convention center, closed today, according to purchaser Apollo Global Management Inc.
Nevada gaming regulators signed off on the transaction earlier this month.
While ownership has changed hands, management will remain in place, as will the Venetian’s employee base of more than 8,000 people, said George Markantonis, the Venetian’s CEO.
“This starts a new chapter for the Venetian,” Markantonis said. “We’re grateful for the past, and we’re looking to the future.”
Markantonis said Apollo has promised an infusion of capital and that new amenities and attractions are possible in the coming years.
Located on the north end of the Strip, the Venetian complex features three hotel towers, two casinos, restaurants, shops, entertainment venues, and a 2.25 million square-foot convention center.
The Venetian opened in 1999.
David Sambur, an Apollo partner, said he thinks the future of the resort is bright.
“With (pandemic) restrictions lifting and travel indicators all trending higher, we believe the future for this property and the entire Las Vegas consumer and business tourism market is brighter than ever,” Sambur said.
The sale is part of a shift by Las Vegas Sands to focus more on its properties in Macau, China and Singapore.
