You’re walking through the Grand Canal Shoppes, maybe grabbed a gelato, and you look up at that painted blue sky. It feels like the house that Sheldon Adelson built. For decades, it was. But if you’re looking for the current owner of Venetian casino Las Vegas, the answer is actually a bit of a "two-parter" that tells you everything about how modern Vegas works.
Basically, the era of the single "tycoon" owner is over.
In 2022, a massive $6.25 billion deal shifted the keys to the kingdom. Las Vegas Sands Corp., the company founded by the late Sheldon Adelson, officially exited the Strip. They didn't just sell to one person; they split the resort into two pieces. One company owns the dirt and the buildings, while another actually runs the slot machines and the hotel check-in desks.
The Names on the Deed: VICI and Apollo
So, who is the owner of Venetian casino Las Vegas right now?
Technically, the landlord is VICI Properties. They are what’s known as a Real Estate Investment Trust (REIT). Think of them as a massive collection of investors who just want to own the "bricks and mortar." They paid $4 billion for the land and the physical structures of the Venetian, the Palazzo, and the Venetian Expo.
But VICI doesn't deal with the day-to-day. They don't care if the buffet is cold or if the gondoliers are hitting their high notes.
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That’s where Apollo Global Management comes in. Apollo is a private equity giant that bought the "operations" for $2.25 billion. In simple terms: VICI owns the house, and Apollo pays them rent—about $250 million a year—to run the business.
Why the Adelson Family Left
It’s weird to think of the Venetian without the Sands name. Sheldon Adelson was a visionary who basically invented the "convention-plus-casino" model. He saw that business travelers would spend more on steak dinners and high-end suites than the average gambler ever would.
After he passed away in early 2021, the company decided to double down on Asia. Sands is now laser-focused on Macau and Singapore (where they have Marina Bay Sands). They essentially looked at the Las Vegas Strip and decided the growth was better elsewhere.
Who Is Actually Calling the Shots Today?
If you want a face to go with the ownership, look at Patrick Nichols. He’s the President and CEO of The Venetian Resort Las Vegas. He took the reigns in August 2022 and, at just 39, is one of the youngest executives to ever lead a mega-resort of this scale.
Nichols isn't some corporate suit who doesn't know the floor. He actually started his career as a financial analyst at the Venetian years ago before going over to The Cosmopolitan. Now he’s back, and he’s spearheading a massive $1.5 billion "reinvestment" program.
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The $1.5 Billion Facelift
Apollo isn't just sitting on their hands. They are currently pouring money into a total renovation. Honestly, the property needed it.
- The Suites: They've been refreshing thousands of suites to make them feel less "90s luxury" and more modern.
- The Food: They’ve added about 11 new restaurants and bars lately.
- The Casino Floor: They are redesigning the gaming spaces to be more open and high-tech.
Interestingly, under this new ownership, the Venetian finally unionized. For years, Adelson was famously anti-union. But in late 2024, the property reached a deal with the Culinary Workers Union, ending a decades-long standoff.
What Most People Get Wrong About the Sale
One of the biggest misconceptions is that the owner of Venetian casino Las Vegas also owns the MSG Sphere. They don’t.
While the Sphere is physically connected to the Venetian via a pedestrian bridge and sits on land that was part of the original estate, it’s owned by Sphere Entertainment Co. (formerly part of Madison Square Garden). The Venetian has a partnership with them, but it’s a separate entity.
Another confusing bit? The Grand Canal Shoppes. The mall inside the resort isn't owned by Apollo or VICI. It’s actually owned by Brookfield Properties. So, when you buy a shirt at the mall, stay in a suite, and go to a concert at the Sphere, your money is going to three different multi-billion dollar corporations.
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Is Private Equity Ownership Bad for Guests?
People often worry when a "private equity firm" like Apollo takes over. The fear is they’ll cut costs, raise resort fees, and nickel-and-dime everyone.
However, Nichols has been vocal about the fact that they are looking for "value." In late 2025, he told regulators that the property is on track for its best year ever. They are betting that by making the place nicer—not cheaper—they can compete with new entries like Fontainebleau or the rebranded Horseshoe.
Practical Insights for Your Next Visit
If you’re planning a trip and wondering how this ownership change affects you, here is the "on-the-ground" reality:
- Grazie Rewards: The loyalty program is still there, but expect more aggressive marketing as Apollo tries to maximize their "revenue streams."
- Room Quality: If you book a room, try to request one of the "newly renovated" suites. There is a noticeable difference between the legacy Adelson rooms and the new Apollo-era designs.
- The Convention Edge: The Venetian Expo remains the gold standard. If you’re there for a trade show, the new owners have doubled down on making the tech and logistics smoother than ever.
- Parking: Like almost everywhere else on the Strip, the days of "free for everyone" are mostly gone, though they still use it as a perk for certain tiers of players.
The Venetian is no longer a family legacy; it’s a high-performance asset in a global portfolio. But as long as the canals are blue and the gambling is hot, most people won't care who the landlord is.
Next Step: Check your Grazie Rewards status before you book, as the new management has been refreshing the tier benefits to align with their recent $1.5 billion property upgrades.