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Iconic Las Vegas Strip Resort To Get $1 Billion Upgrade

It will be one of the biggest upgrades the Strip has seen in years.
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Built in 1999, the Venetian Las Vegas isn’t one of Sin City’s oldest resorts, by any means--though it certainly is one of the biggest, as it boasts 36 stories and is more than 475 feet. It also houses the world’s second-largest hotel, and a 200,000-square-foot casino.

So yeah, it’s pretty big. But now that the Apollo Global Management  (APO) - Get Free Report has purchased the hotel, as well as its sister hotel The Palazzo (the largest building in Nevada) and the Sands Expo center from its former owner, the late casino magnate Sheldon Adelson, it’s going to get even bigger.

Apollo Has Big Plans For An Even Bigger Casino

As part of the purchase, Adelson’s Las Vegas Sands sold Vici Properties rights to the land under the facilities for $4 billion, and Apollo Global Management purchased the operations for $2.25 billion and changed the name of the Sands Expo convention center to the Venetian Expo.

But Apollo has plans for even bigger changes for the properties, according to a report in Travel and Leisure. The resort’s new CEO, Patrick Nichols, has said Apollo plans to invest “north of $1 billion touching every area of the guest experience.” This is one of the largest investments in an existing property in Vegas’ history.

Improvements include a new Venetian pool deck, a 47,000-square-foot, $50-million TAO Beach Dayclub in partnership with TAO Group, and the first U.S. location for the Michelin-star winning chef and “Junior MasterChef Australia” judge Tetsuya Wakuda.

Additionally, the celebrated Israeli chef Eyal Shani, a former “MasterChef Israel” judge, will bring his beloved Miznon restaurant chain to The Palazzo. This will be Las Vegas’ first Israeli dining concept. Next year, Shani will launch HaSalon as well, which currently has locations in Tel Aviv, New York, and Ibiza, and is known for combining classic Mediterranean fare with a dramatic presentation that includes pyrotechnics. 

The renovations will be overseen by the Los Angeles-based design collective RIOS. The Venetian was launched with a theme based on Venice, Italy, featuring architectural replicas of landmarks such as the Palazzo Ducale, Piazza San Marco, and the Rialto Bridge, and Nichols has stressed that the vibe won’t be lost in the upgrade.

“We are a themed hotel and we will always be a themed hotel," Nichols notes. "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."

Venetian Las Vegas Lead JS 101722

More Entertainment Is On The Way

The idea to bring Shani’s restaurants comes from property’s chief content officer Michael Gruber, who wants to scale up the The Venetian’ entertainment options from approximately 70-110 shows per year to 700 to 1,000 shows a year, per Gruber. 

To kick this expansion off, writer-director and “Hamilton” creator Lin-Manuel Miranda will bring his ongoing, improv-heavy show “Freestyle Love Supreme” to The Venetian’s showrooms on November 16 and 17.

Additionally, the company has paired with Madison Square Garden Entertainment to construct a $1.85-billion MSG Sphere, which should open in time for the November 2023 FIA Formula One world championship in Las Vegas, and will be able to hold 20,000 guests with a 160,000-square-foot immersive display inside.