Venetian Projects Record-Breaking Year as High-End Demand Stays Strong

The Venetian Las Vegas expects to have its best year since it opened, even as other parts of the Las Vegas Strip show signs of struggle. 

Luxury Market Momentum Pushes Venetian Toward Record Results

Patrick Nichols, the company’s president and CEO, told the Nevada Gaming Control Board that the slowdown affecting many casinos has hardly touched the property. The Venetian keeps doing well because it caters to the upper end of the market.

Nichols, who is in the last stage of getting his license, told officials that fewer budget travelers are coming to the city, as reported by CDC Gaming. He said their own numbers show a clear split, with cheaper hotels seeing the biggest drop in visitors. On the flip side, he talked about The Venetian, the Palazzo next door, and the Venetian Expo as places that draw in guests who can spend more, which helps them avoid the wider slowdown.

He said the resort experienced a small slowdown in early summer but pointed out that late summer erased any worries. He stated that August and September brought in the most money from rooms and had the highest occupancy rates the property has seen in over 20 years. This strength, he noted, shows how the high-end market is acting from the overall Las Vegas story.

Major Upgrades and Policy Shifts Aim to Strengthen Venetian’s Appeal

Nichols also pointed out that management has been looking again at several policies affecting guests to address negative attention about the city’s pricing practices. He did not name specific problems, but said the company has taken a thorough look at fees, parking rules, and other charges, trying to show a clearer sense of value. This approach includes adding more dining options. A new food hall offers meals at moderate prices, while existing upscale restaurants are still there for visitors who want high-end experiences.

The property has seen a big change since Apollo Global Management and VICI Properties bought it in early 2022. Nichols said they have put about $1 billion into upgrades so far—about two-thirds of what they first planned—including fixing up 4,000 suites and adding more than a dozen new restaurants and bars. Next up are improvements to the Palazzo part of the complex, along with updated gaming areas to make the whole experience better.

Nichols highlighted the company’s choice to keep paying for employee health insurance, saying it fits with their long-held view that well-supported workers deliver better service. He made the case that private-equity ownership does not always mean harsh cost-cutting. Drawing from his time at the Cosmopolitan under Blackstone, he pointed out that investment groups can put workforce stability first.