Patrick Nichols has been appointed as the new Chief Executive Officer of The Venetian and Palazzo resorts, located in Las Vegas, Nevada, a mere four months after Apollo Global Management purchased the properties.
Nichols formerly held the title of General Manager at the MGM Grand, a role he vacated following MGM Resorts International’s acquisition of the establishment. He will be succeeding George Markantonis, who has overseen The Venetian for the previous seven years. Markantonis will remain during an interim phase before Nichols formally assumes the position on August 1st, and will subsequently continue to act as a special consultant to Apollo’s executive board. “We are certain that Patrick’s remarkable history of directing and expanding intricate entertainment, hospitality, and group enterprises will empower him to build upon the solid groundwork laid by George and the staff,” remarked David Sambur, a senior executive at Apollo, regarding the selection.
Throughout his tenure at the MGM Grand, Nichols spearheaded numerous operational and strategic endeavors, and also held the designation of Chief Strategy Officer for the resort. “I have personally witnessed the expertise at The Venetian, and I am eager to collaborate with our exceptional management team and our associates at Apollo to guide the resort into its subsequent phase,” he conveyed.
Apollo procured The Venetian in February of 2022 for a sum of $6.25 billion in a transaction with real estate investment trust VICI Properties.
The Palazzo, boasting an astounding 7,100 guest accommodations, was formerly managed by the Las Vegas Sands Corporation. This establishment wasn’t merely a place to stay; it was an experience in its own right. Envision a gaming area spanning a massive 225,000 square feet, and then conjure images of conference facilities that could consume nearly 230,000 square feet beyond that!
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