A mere four months following the private equity group’s purchase of the two properties, Apollo Global Management has designated Patrick Nichols as the incoming Chief Executive Officer of The Venetian and Palazzo on the Las Vegas Strip.
Nichols formerly held the position of General Manager at the Cosmopolitan of Las Vegas, another renowned Strip resort, before leaving after MGM Resorts International finalized its acquisition of the establishment. He takes over for George Markantonis, who has acted as CEO of The Venetian for the past seven years and guided the resort through a time of substantial change. Markantonis will continue in his capacity until August 1st to guarantee a seamless transition to Nichols, after which he will stay on as a specialized consultant to Apollo’s board of directors.
Remarking on the selection, David Sambur, a high-ranking executive at Apollo, conveyed assurance in Nichols’ aptitude to develop upon the solid groundwork established by Markantonis, stating, “Patrick’s vast expertise in managing and growing entertainment, hospitality, and group enterprises will be indispensable as we commence this thrilling new phase for The Venetian Resort.”
Throughout his tenure at The Cosmopolitan, Nichols spearheaded numerous operational and strategic ventures, having also held the position of the property’s Chief Strategy Officer. He contributes a wealth of knowledge in the Las Vegas market and a comprehensive grasp of the luxury resort sector.
“Having personally observed the skill and commitment of The Venetian staff,” Nichols commented, “I am enthusiastic to cooperate with our exceptional management team and our associates at Apollo to guide the resort into its subsequent stage of expansion.”
The Venetian Resort was procured by Apollo in collaboration with real estate investment trust VICI Properties in February 2022 for an impressive $6.25 billion, signifying a substantial investment in the Las Vegas Strip.
The sprawling Venetian resort, boasting an impressive 7,100 guest accommodations, a vast 225,000 square foot gaming floor, and a colossal 2.3 million square feet dedicated to conventions, was formerly managed by the Las Vegas Sands Corporation.