Walking into the Venetian feels like a fever dream of old-world Italy, but the money behind the marble is purely corporate now. For decades, if you thought about this place, you thought about Sheldon Adelson. He was the face of Las Vegas Sands. He was the man who literally tore down the historic Sands Hotel to build a monument to Venice. But things changed. Adelson passed away in 2021, and shortly after, the family decided to exit the Strip entirely. It was a move that caught a lot of people off guard. Why sell the crown jewel?
The short answer? A massive $6.25 billion deal.
Today, the Venetian owner Las Vegas situation is actually a split partnership, which is how most big Vegas deals work these days. You don't just have one person writing a check for the whole building anymore. Instead, the land and the actual buildings are owned by VICI Properties Inc., while the operations—the part that actually runs the cards, the hotel rooms, and the restaurants—is handled by Apollo Global Management.
It’s a "landlord and tenant" relationship. Apollo pays rent to VICI. It sounds simple, but when you're talking about a resort with over 7,000 suites and a massive convention center, the logistics are staggering.
Why the Adelson family walked away from the Strip
People still ask why the Sands corporation left. Honestly, it was about where the growth was. Las Vegas is great, but Macau and Singapore were where the real "whales" were playing. The company decided to double down on Asia. By selling the Venetian, the Palazzo, and the Venetian Expo, they cleared billions in cash to reinvest in places like Marina Bay Sands.
Adelson's widow, Miriam Adelson, has since pivoted her focus. You might have seen her in the news recently because she bought a majority stake in the Dallas Mavericks. The family isn't out of the spotlight; they’re just out of the Venetian.
The transition wasn't just a change in letterhead. It marked the end of the "mega-mogul" era where one person’s personality defined a property. Apollo Global Management is a private equity giant. They look at spreadsheets. They look at efficiencies. But to their credit, they’ve been smart enough not to mess with the "vibe" that makes the Venetian a top-tier destination. They know people come for the gondolas and the faux-sky ceilings, not for private equity strategies.
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Apollo and VICI: The New Power Players
If you want to understand the Venetian owner Las Vegas dynamic, you have to look at VICI Properties. They are a Real Estate Investment Trust (REIT). Essentially, they are the biggest landlord on the Strip. They own the land under Caesars Palace, MGM Grand, and now the Venetian.
They don't run the casinos. They just collect the checks.
Apollo, on the other hand, is the operator. They paid about $2.25 billion for the right to run the place. Since taking over, they’ve started pouring money back into the property. We’re talking about a $1.5 billion reinvestment plan. That’s not "painting the walls" money. That’s "gutting and reimagining" money.
What the $1.5 billion renovation actually covers
It’s already happening. If you visit now, you’ll see the refreshed suites. They kept the sunken living room—everyone loves that—but the tech has been dragged into the 2020s.
- The Venetian Expo: This is the secret engine of the property. While tourists look at the statues, the business world is in the back rooms. Apollo is modernizing the convention space to keep it competitive against the newly expanded Las Vegas Convention Center.
- The Casino Floor: It’s getting a facelift. New lighting, new layout, and a focus on "high-limit" experiences that cater to the modern luxury traveler rather than just the old-school gambler.
- Entertainment: They’ve been aggressive with residencies and the Voltaire lounge, trying to capture that "nightlife but classy" demographic that usually hangs out at Wynn.
The Sphere Factor
There’s a bit of confusion about the Sphere. You know, the giant glowing ball that’s all over Instagram? It’s physically connected to the Venetian via a pedestrian bridge, but the Venetian owner Las Vegas does not actually own the Sphere.
The Sphere is owned by Sphere Entertainment Co. (controlled by James Dolan of Madison Square Garden fame). However, because they are neighbors, they have a symbiotic relationship. If the Sphere has a massive concert, the Venetian sells out its rooms. It’s a win-win, but don't mistake them for the same company.
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Apollo and VICI benefit immensely from the Sphere's gravity. It has turned that specific corner of the Strip into the most valuable real estate in the city.
Is the Venetian still "The Venetian" under private equity?
There was a lot of skepticism when the deal closed in 2022. Usually, when private equity moves in, people expect layoffs and budget cuts. But the Las Vegas market is different. You can't cut your way to success in a luxury resort; guests will notice the moment the service slips or the carpets look frayed.
The current leadership, including CEO Patrick Nichols, has been vocal about maintaining the "Italian soul" of the building. They’ve actually expanded the culinary offerings, bringing in big names that rival the Adelson-era celebrity chefs.
The shift in ownership actually solved a long-standing "identity" issue. Under Sands, the Venetian was often seen as a secondary priority to the massive casinos in Macau. Now, as Apollo’s flagship Vegas asset, it gets 100% of the management's attention.
What this means for your next trip
If you’re planning a stay, the ownership change is mostly invisible, which is exactly how it should be. You’ll find better Wi-Fi, fresher rooms, and maybe a bit more "energy" in the lounge scenes. The gondoliers are still singing. The canal shops are still packed.
The real impact is behind the scenes in the rewards program. They’ve transitioned away from the old Grazie rewards and integrated more modern digital experiences. They want to know what you like before you even step off the plane.
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Realities of the $6.25 Billion Price Tag
When VICI and Apollo bought the place, interest rates were lower. Since then, the economy has done some gymnastics. Some analysts wondered if they overpaid. However, the Venetian continues to report record-breaking EBITDA (that’s a fancy way of saying profit before taxes and interest).
Las Vegas tourism hit record highs in 2023 and 2024, and the Venetian’s massive suite count—which are all much larger than standard hotel rooms—allows them to command a premium price. They aren't just selling a bed; they're selling 700 square feet of "Venetian" lifestyle.
The gambling revenue is also shifting. It’s less about the $5 blackjack table and more about the "experience." The new owners have leaned into this, creating spaces where people want to be seen, not just places where people want to hide and pull a lever.
Actionable insights for navigating the "New" Venetian
Knowing who the Venetian owner Las Vegas is helps you understand the strategy of the resort. Here is how to use that knowledge to your advantage on your next visit:
- Join the new Rewards Program immediately. Apollo is hungry for data. Because they are in a "growth and renovation" phase, the rewards for new members are often more aggressive than the established programs at MGM or Caesars. You can often snag room upgrades just by being an active member of their digital ecosystem.
- Check the Convention Calendar. Since the owners are investing heavily in the Expo center, the hotel prices swing wildly based on mid-week trade shows. If you aren't there for business, avoid "CES" or "MAGIC" weeks. You'll save $400 a night.
- Explore the "Small" Food. While the big-name restaurants get the headlines, the new management has curated a series of smaller, high-quality eateries in the Venetian and Palazzo wings that offer better value.
- The Palazzo Secret. Most people say "The Venetian" when they mean the whole complex. But the Palazzo (the sister tower) is often quieter and has newer base-level rooms. Since it’s all under the same Apollo/VICI ownership, your rewards and access work across both.
- Watch the Voltaire Schedule. This is Apollo's "baby." It’s a venue designed to be high-end and intimate. If you want the "New Vegas" experience that the current owners are pushing, that’s where you’ll find it.
The Venetian isn't a family business anymore. It’s a massive, high-stakes financial engine. But as long as the gondolas keep moving and the marble stays polished, the average traveler won't care who signs the paychecks—they'll just care that the Bellini is cold.
To stay ahead of the curve, keep an eye on the renovation progress in the Palazzo tower next. The "new" Venetian is only about 60% finished with its total transformation, and the best deals usually pop up right after a new wing is debuted and they need to fill the rooms.
Next Steps for Your Trip:
Check the official Venetian "Offers" page directly. Since Apollo took over, they have moved away from third-party booking sites like Expedia, offering significantly better rates and "resort credit" packages if you book through their proprietary system. This is part of their strategy to own the customer relationship and avoid paying commissions to travel aggregators.
Verify your travel dates against the Venetian Expo calendar. If a major tech or medical convention is in town, consider staying at a boutique property off-strip and just visiting the Venetian for dinner, as room rates can spike to 4x their normal price during owner-prioritized "event windows."