Convention center getting a facelift
New York private equity firm Apollo Global Management is injecting $188m into The Venetian Resort Las Vegas in the form of an upgrade to the convention center.
KNTV Las Vegas took to X with images of the “reimagined” Venetian?Convention &?Expo Center by the appointed renovator, Las Vegas design firm Woogmaster Studio:
President and Chief Executive Officer of The Venetian Resort, Patrick Nichols, said the planned upgrades “were thoughtfully curated based on feedback from our customers.”
Gambling Insider, however, cites Nicols as stating the facelift isn’t just for aesthetics’ sake. Instead, the CEO’s view is that the renovation is “part of a more extensive $1bn capital investment project for the entire resort.”
Despite the state of flux the Las Vegas casino industry is in, following recent strikes by casino workers and the costly hacking of industry giants like MGM, market forces in the gambling capital of the world demand the show must go on in premium, Vegas style.
Keeping up appearances
Nichols believes the $188m upgrade will maintain The Venetian’s place at “the forefront of the industry.”
According to KNTV, facelifts to the convention center include new technology, meeting lounges, and “a 10,000-square-foot speakeasy-style lounge […] reminiscent of the Venetian’s 1930s design.”
The Convention &?Expo Center recently hosted the Global Gaming Expo (G2E), where aside from all gambling and sports betting innovations, executives from Penn Entertainment and Disney-owned ESPN let slip a November launch of ESPN Bet.
Apollo rising
While The Venetian’s renovation isn’t as exciting as an F1 car driving through a casino floor, it shows how serious Apollo is about strengthening its hold in Sin City.
eye on turning the private equity heavyweight into “a $1 trillion business”
According to Fortune recently, Apollo CEO Marc Rowan is driving up the Wall Street firm’s profits with an eye on turning the private equity heavyweight into “a $1 trillion business.”
The Venetian’s revamp will take place in stages over two years starting 2024.