The Venetian Hotel is one of the most famous and luxurious hotels and casinos in Las Vegas, Nevada. It is located on the Las Vegas Strip, and it features a stunning replica of Venice, Italy, complete with canals, gondolas, and landmarks. The Venetian Hotel is also home to the Grand Canal Shoppes, the Venetian Expo, and various entertainment venues, restaurants, and museums.
But who is the owner of the Venetian Hotel, and how did it come to be? In this article, we will answer these questions, and provide you with a brief history and overview of the Venetian Hotel. We will cover the following topics:
- The founder and original owner of the Venetian Hotel: Sheldon Adelson
- The current owner and operator of the Venetian Hotel: Vici Properties and Apollo Global Management
By the end of this article, you will have a clear idea of who is the owner of the Venetian Hotel, and what makes it one of the most popular and prestigious hotels and casinos in Las Vegas.
KEY TAKEAWAYS
- The Venetian Hotel was founded and originally owned by Sheldon Adelson, a billionaire businessman, investor, political donor, and philanthropist, who died in January 2021.
- In March 2021, the Venetian Hotel was sold by Las Vegas Sands, Adelson’s company, to two new owners: Vici Properties and Apollo Global Management, which are currently the owners of the Venetian Hotel. The deal was worth $6.25 billion, and it was one of the largest transactions in the history of the gaming industry.
The Founder and Original Owner of the Venetian Hotel: Sheldon Adelson
The Venetian Hotel was founded and originally owned by Sheldon Adelson, a billionaire businessman, investor, political donor, and philanthropist. Adelson was born in 1933 in Boston, Massachusetts, and he started his business career at the age of 12, when he borrowed $200 from his uncle to sell newspapers. He later became involved in various ventures, such as candy vending machines, trade shows, computer magazines, and travel agencies.
In 1988, Adelson and his partners bought the Sands Hotel and Casino, a historic property on the Las Vegas Strip that was once frequented by celebrities such as Frank Sinatra and Elvis Presley. Adelson renovated and expanded the Sands, and he also built the Sands Expo and Convention Center, the first privately owned convention center in the United States.
However, Adelson had a bigger vision for his Las Vegas empire. He wanted to create a mega-resort that would cater to convention-goers, a market that he felt was underserved in Las Vegas. He also wanted to create a resort that would emulate the beauty and culture of Venice, Italy, a city that he and his wife Miriam loved and visited frequently.
To realize his vision, Adelson decided to demolish the Sands Hotel and Casino, and build a new resort on its site. He named it the Venetian, and he spared no expense to make it as authentic and luxurious as possible. He hired architects, designers, and craftsmen from Italy, and he imported materials, artworks, and artifacts from Venice. He also created a canal system that ran through the resort, and he hired gondoliers to ferry guests around.
The Venetian Hotel opened on May 4, 1999, and it was an instant success. It had 3,036 suites, a 120,000-square-foot casino, a 500,000-square-foot shopping mall, and a 1.2-million-square-foot convention center. It also had various entertainment venues, such as the Blue Man Group, Phantom of the Opera, and Rock of Ages. It was widely praised for its architecture, design, and amenities, and it attracted millions of visitors and guests every year.
Adelson continued to expand and improve the Venetian Hotel over the years. In 2003, he added a 12-story tower, called the Venezia, which increased the room count to 4,049. In 2007, he opened a sister property, called the Palazzo, which had another 3,068 suites, a 105,000-square-foot casino, and a 450,000-square-foot shopping mall. Together, the Venetian and the Palazzo formed the largest hotel complex in the world, with approximately 7,100 rooms.
Adelson also used the Venetian Hotel as a model for his other resorts around the world. He built similar properties in Macau, Singapore, and Bethlehem, Pennsylvania, and he became one of the richest and most influential casino moguls in the world. He also became a major political donor and activist, especially for the Republican Party and for Israel. He and his wife Miriam Adelson were Donald Trump’s largest donors, providing the largest donation to Trump’s 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference, and the 2020 campaign, He was also a major backer of Israel’s prime minister Benjamin Netanyahu In 2020, Forbes listed his net worth as US$29.8 billion. He died on January 11, 2021, at the age of 87, leaving behind a legacy of business, philanthropy, and controversy.
The Current Owner and Operator of the Venetian Hotel: Vici Properties and Apollo Global Management
In March 2021, the Venetian Hotel was sold by Las Vegas Sands, Adelson’s company, to two new owners: Vici Properties and Apollo Global Management. The deal was worth $6.25 billion, and it was one of the largest transactions in the history of the gaming industry.
Vici Properties is a real estate investment trust (REIT) that owns and leases various gaming and hospitality properties across the United States. Vici Properties bought the land and the buildings of the Venetian Hotel, as well as the Palazzo and the Venetian Expo, for $4 billion. Vici Properties will lease the properties to Apollo Global Management for an initial annual rent of $250 million.
Apollo Global Management is a private equity firm that invests in various sectors, such as gaming, hospitality, entertainment, and media. Apollo Global Management bought the operating assets and liabilities of the Venetian Hotel, as well as the Palazzo and the Venetian Expo, for $2.25 billion. Apollo Global Management will operate the properties under a long-term lease agreement with Vici Properties.
The new owners and operators of the Venetian Hotel have stated that they will continue to uphold the vision and legacy of Adelson, and that they will maintain the quality and excellence of the resort. They have also stated that they will invest in the resort and enhance its offerings, and that they will explore new opportunities and markets for growth and expansion.
Conclusion
The Venetian Hotel is one of the most famous and luxurious hotels and casinos in Las Vegas, and it features a stunning replica of Venice, Italy, complete with canals, gondolas, and landmarks. The Venetian Hotel was founded and originally owned by Sheldon Adelson, a billionaire businessman, investor, political donor, and philanthropist, who died in January 2021. The Venetian Hotel was sold in March 2021 to two new owners: Vici Properties and Apollo Global Management, for $6.25 billion.
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