The Venetian and Palazzo Resorts Get New CEO Following Acquisition by Apollo
Back in February, a New-York based firm called Apollo Global Management purchased The Venetian Resort assets for approximately $6.25 billion. This sale included the transfer of ownership for The Venetian, Palazzo, and Venetian Expo. The deal was effected through the real estate investment trust, VICI properties.
Recently, it became clear that besides the new owners, the resorts were also getting a new President and Chief Executive Officer.
Patrick Nichols, who’ll be taking up the role, is the current General Manager & Chief Strategy Officer at The Cosmopolitan of Las Vegas.
George Markantonis had held these positions for the past seven years and will continue until August 1st when he hands over to the new gaffer. His achievements and strides while running the company earned him a lot of respect through the ranks. As a result, George will still be a part and parcel of the equity firm. Upon handing over to Nichols, he will be acting in the capacity of Special Advisor to the board.
Under Markantonis’ Leadership
During Markantonis’ time at the helm, the company had 5 record-breaking years. George Markantonis with the help of his team was able to establish The Venetian as one of the coolest spots on the Las Vegas strip.
David Sambur, a Co-Head of Private Equity and an Apollo partner had only good words to say concerning George’s time as CEO and President. In a press release issued on Thursday, he revealed:
“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.”
Sambur continued with an affirmation of the need for the new appointee to build on the legacy his predecessor left behind. He went further to assert confidence in Nichols’ wealth of experience in the hospitality, entertainment, and resorts business.
The soon-to-be-former GM and CSO of The Cosmopolitan brings expertise in financial planning, analysis, entertainment operations, and more to the table.
Patrick Nichols' History and Future with The Venetian
Patrick Nichols spent most of his career in the hospitality and resort industry holding different roles. He served in different companies including The Venetian where he began his career as a financial analyst sometime between 2008 and 2009.
Upon his recent appointment, Nichols expressed excitement about returning to one of the biggest and most prestigious Las Vegas resorts. Recall that while under the operations of Las Vegas Sounds, The Venetian boasts about 7100 hotel rooms and a glorious 225,000 square feet area featuring casino games. It also includes a massive convention space of about 2.3 million square feet.
The incumbent CEO revealed that this new appointment represents big shoes for him to fill. He also gave credence to the work of the people at The Venetian. He said, “I have seen first-hand how talented The Venetian team is and I look forward to working together with our partners at Apollo, to drive the resort’s next phase of growth.”
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