Patrick Nichols named new CEO for Venetian and Palazzo in Las Vegas
Nichols will replace George Markantonis, who will leave the role on August 1 and will become a special advisor to the board.
US.- Apollo Global Management has appointed Patrick Nichols as the new chief executive officer of The Venetian and Palazzo in Las Vegas. He will replace George Markantonis, who will leave the role on August 1 and will assume as a special advisor to the board. The announcement comes four months after the Venetian Resort was sold to Apollo Global Management and real estate investment trust VICI Properties.
Nichols began his career at The Venetian and has remained in the Las Vegas hospitality industry, most recently serving as the general manager and chief strategy officer at The Cosmopolitan. As CSO, Nichols led development, construction, retail and entertainment operations, financial planning and analysis, and new business development.
David Sambur, Apollo partner and co-head of private equity, said: “We heartily thank George for his steadfast service to The Venetian and its team members and wish him only the best in the next phase of his career.
“As we continue to solidify The Venetian’s position as a premier destination on the Las Vegas strip, we are confident that Patrick’s significant experience in operating and expanding entertainment, hospitality and group events businesses will continue to build on the solid foundation created under George’s leadership and capably carried on by this industry-leading team.”
“This past May was the best month in The Venetian’s history, and I look forward to seeing the Resort’s continued success. Patrick is an exceptional executive, and I am confident he is the right person to carry on our long-term objectives and deliver an unmatched experience for our valued customers and employees.”
Patrick Nichols commented: “I am excited to return to The Venetian and lead one of the most iconic Las Vegas resorts during such a pivotal moment for our city. Under George’s leadership, The Venetian has become one of the premier resorts across hospitality, meetings and events, gaming, and entertainment – not only in Las Vegas, but across the country.
“I have seen firsthand how talented The Venetian team is, and I look forward to working together with our best-in-class management team and our partners at Apollo to drive the Resort’s next phase of growth.”
Las Vegas Sands completes $6.25bn sale of The Venetian Resort
In February, Las Vegas Sands announced the closing of the $6.25bn sale of the Venetian Resort, comprising The Venetian, Palazzo and Venetian Expo properties, to private equity firm Apollo Global Management and real estate investment trust VICI Properties.
According to the original agreement announced in March 2021, Sands would sell the subsidiaries that operate its US business to funds for $1.05bn in cash and $1.20bn in seller financing, and the Venetian’s real estate and related assets to VICI for $4bn in cash.
See also: Nevada gaming revenue surpasses $1bn for 14th month
