Is Venetian an MGM Property? Unpacking the Las Vegas Landscape

No, the Venetian and Palazzo resorts in Las Vegas are not owned by MGM Resorts International. They are the flagship properties of Apollo Global Management, who acquired them from Las Vegas Sands Corp in 2022. While both MGM and Venetian are major players on the Las Vegas Strip, they operate as distinct entities.

Venetian’s Ownership: A Shift in the Sands

For years, the iconic Venetian and Palazzo were synonymous with Sheldon Adelson’s Las Vegas Sands Corporation. These resorts, known for their opulence, canal-filled walkways, and high-end retail experiences, were central to the Sands’ strategy of attracting both leisure travelers and high-rolling gamblers. However, in early 2022, a significant shift occurred.

Apollo Global Management, a prominent private equity firm, acquired the Venetian Resort Hotel and Casino and the Sands Expo and Convention Center for a staggering $6.25 billion. This marked a turning point in the Las Vegas landscape, signifying Las Vegas Sands’ strategic focus shifting towards Asia, particularly Macau and Singapore, while Apollo gained a significant foothold on the Strip.

While the Venetian and Palazzo now operate under Apollo’s leadership, Las Vegas Sands continues to maintain a presence in the convention sector through a long-term agreement with Apollo to continue operating the Sands Expo and Convention Center. This collaboration ensures the continued success of the convention facility, which is a crucial component of the Las Vegas economy.

MGM’s Domain: A Different Kind of Empire

MGM Resorts International, on the other hand, boasts a vast portfolio of properties on the Las Vegas Strip, including legendary names like the Bellagio, MGM Grand, Mandalay Bay, and The Cosmopolitan. Their strategy revolves around providing a diverse range of experiences, from high-energy entertainment to luxurious accommodations and world-class dining.

MGM’s approach also encompasses a growing focus on online gaming and sports betting. Their BetMGM platform has become a significant revenue stream, demonstrating their commitment to adapting to the evolving landscape of the gambling industry. This diversification sets them apart from Venetian, which historically focused primarily on the brick-and-mortar experience.

Therefore, while you might see the MGM lion roaring in various corners of Las Vegas, rest assured that the gondolas and canals belong to the Venetian, now under the careful stewardship of Apollo Global Management. They are separate empires, each vying for the attention of the millions who flock to the city of lights.

Understanding the Key Differences

To summarise, here’s a quick comparison:

• Venetian/Palazzo: Owned by Apollo Global Management, with the Sands Expo and Convention Center operated by Las Vegas Sands through an agreement with Apollo. Known for its Italian theme, high-end shopping, and canal experience.

• MGM Resorts International: Owns numerous properties on the Las Vegas Strip, including the Bellagio, MGM Grand, and Mandalay Bay. A broad portfolio with a focus on entertainment, dining, and increasingly, online gaming.

The bottom line is that if you’re planning a trip and have specific preferences – perhaps you prefer the Bellagio fountains or the Venetian gondolas – understanding this distinction is crucial for tailoring your Las Vegas experience.

Frequently Asked Questions (FAQs)

1. Who currently owns the Venetian and Palazzo in Las Vegas?

Apollo Global Management acquired the Venetian Resort Hotel and Casino and the Palazzo from Las Vegas Sands in 2022.

2. Did MGM ever own the Venetian?

No, MGM Resorts International has never owned the Venetian or Palazzo. These properties were solely owned by Las Vegas Sands before being acquired by Apollo Global Management.

3. Why did Las Vegas Sands sell the Venetian?

Las Vegas Sands decided to sell the Venetian to focus on its growth opportunities in Asia, particularly in Macau and Singapore. The company believes that its future lies primarily in international markets.

4. Does the sale of the Venetian affect the Sands Expo and Convention Center?

No, but it is operated by Las Vegas Sands. Although Apollo Global Management owns the Venetian, Las Vegas Sands continues to operate the Sands Expo and Convention Center under a long-term agreement with Apollo.

5. What are some of the key differences between the Venetian and MGM resorts?

The Venetian is known for its Italian theme, canals, and high-end shopping. MGM resorts offer a broader range of entertainment options, including live shows, nightclubs, and a more diverse range of dining options. MGM also has a significant presence in online gaming through BetMGM.

6. Does MGM have any properties with a similar theme to the Venetian?

No, MGM does not have any properties with a similar Italian theme. Each of their resorts has a distinct identity, such as the Bellagio’s elegant fountains or the Luxor’s Egyptian theme.

7. Is the Venetian part of the MGM Rewards program?

No, the Venetian and Palazzo have their own loyalty program. It is not affiliated with MGM Rewards.

8. Can I use my MGM Rewards points at the Venetian?

No, MGM Rewards points cannot be used at the Venetian or Palazzo. You can only earn and redeem points within the MGM Resorts ecosystem.

9. Are there any plans for MGM to acquire the Venetian in the future?

As of now, there are no publicly known plans or indications that MGM Resorts International intends to acquire the Venetian. The resort continues to operate independently under Apollo Global Management.

10. How does the change in ownership affect the guest experience at the Venetian?

While there might be subtle operational changes under Apollo’s ownership, the core guest experience remains largely the same. The Italian theme, gondola rides, and high-end amenities that the Venetian is known for continue to be central to its appeal.

11. What are Apollo Global Management’s plans for the Venetian?

Apollo Global Management aims to further enhance the Venetian’s position as a premier destination on the Las Vegas Strip. This includes ongoing investment in renovations, entertainment, and dining experiences.

12. How does this ownership shift impact the overall Las Vegas hospitality market?

The sale of the Venetian represents a strategic shift in the Las Vegas hospitality market, with Las Vegas Sands focusing on international expansion and Apollo Global Management strengthening its presence on the Strip. This can lead to increased competition and innovation as each company strives to attract visitors and deliver unique experiences. It also demonstrates the continued dynamism and evolution of the Las Vegas landscape.