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Question of the Day - 30 July 2023

Q:

What has happened with the ownership of the Venetian and Palazzo since the passing of Sheldon Adelson?

A:

This is an easy one. 

Sheldon Adelson died in January 2021 at the age of 87 after a 20-year battle with with peripheral neuropathy, which eventually landed him in a wheelchair; he was also diagnosed with non-Hodgkin's lymphoma in 2019.

Even prior to Adelson's passing, he was involved in changing the direction of Las Vegas Sands Corporation. Prior to the pandemic, the company was focusing more on its Macau and Singapore properties than Venetian-Palazzo-Sands Expo Center. Adelson's thinking was that Asia (and New York) showed more promise in the gambling world than Vegas, which he believed was saturated.

Not long after he died, it was announced (March 2021) that the whole property was being sold for $6.25 billion. The deal closed in February 2022, when Vici Properties picked up the real estate for $4 billion and Apollo Global Management acquired the operations (changing the name of Sands Expo to Venetian Expo) for the other $2.25 billion. 

Over the past 17 months of the new ownership, the changes have been gradual, at least peering in from the outside, but with Sphere opening in a couple of months and the Grand Prix looming large in the windshield, things are starting to move a little more quickly. The most visible change was announced only last week: Paid parking is coming to the property for the first time. And a new 1,000-seat theater, Voltaire Belle de Nuit, is being readied for a residency from Australian pop superstar Kylie Minogue; both debut in November.  

 

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Comments

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  • Kevin Lewis Jul-30-2023
    The worst gambling in the galaxy, and the most expensive
    I wonder if Adelson's disdain for the Vegas market made him turn the V and P into the horribly overpriced shitshow it is today. Perhaps he was thinking, I'm only going to operate this joint if I can make an insane profit off of it. I'll bet the continued mad influx of lemmings surprised him. God knows, I never thought that people would be so indifferent to money that they'd pay $500 a night to stay and play $50 6/5 blackjack.
    But don't be sad, folks. Adelson donated over $150 million of your losses to the Republican Party.

  • KennyA Jul-30-2023
    Good cause
    At least some of his money was spent wisely.  :)

  • CLIFFORD Jul-30-2023
    Fireworks  BOOM BANG
    Happy 58th Birthday to MEDICARE.  Harry Truman was the first person to be enrolled followed by 19 million the first year of existence...rip LBJ...

  • Ken Orgera Jul-30-2023
    wise money spent
    You mean the facist party formerly know as the Rep. party

  • Kevin Rough Jul-30-2023
    Was there in May
    I was at the Venetian for the first time in years to see a show.  Show was great even though a tequila sunrise cost me $20.  I played pai gow poker which didn't seem any worse than any other casino and left up $100.

  • Hoppy Jul-30-2023
    Early Raiders Interest 
    Didn't Adelson get the ball rolling with attracting the Raiders to the City of Lights?

  • [email protected] Jul-30-2023
    Kevin Orgura=Ignorant
    "You mean the facist party formerly know as the Rep. party" Two problems with this comment. #1 It's spelled "fascist". #2 The progressive whack Dem party are the fascists because of denying free speech, desire of total control over citizen's lives (i.e. COVID shot, electric vehicles etc.) and cancel culture. You people would have loved Adolf H. for awhile anyway.

  • Doc H Jul-30-2023
    woke awoke!
    Like a broken record, the woke social justice warrior lewis is back to his 'get off my lawn!' whiny rants about las vegas being hell on earth these days vs the days when he became rich from gambling, cough cough, in the glory days of las vegas. And of course he will respond back to others to take their meds and watch faux news or something non related, lol. 
    
    And of course nothing would be complete without his woke liberal warped view of the world with a little political rant. Though have to say with his demented eggplant 10% 10 million regime and all the corrupt rumblings coming out about it, he's been a bit tame in his political rants lately. He has his own orange man hell in the form of a demented eggplant he enabled. Oh, the irony! Projection anyone? Though he's probably shielded from it all with his fake news sources and this is all news to him.
    

  • Doc H Jul-30-2023
    steve L
    I think you're right on Steve Ludwig. Isn't it ironbic that once upon a time, reading how the dems liberals were back in the 60's and 70's when lewis was around sounds like, they believed in free speech, even if one disagreed. Agree to disagree. Were vehemently against war. Now fast forward today. The party that tried recently to create 'the ministry of truth' with a straight face. I mean, really? Because they know 'truth'? And like you say muzzling other views, throwing hissy fits on campuses and other venues with violence because they don't agree. And funding a war walking us so close to WWIII. Isn't this the same crew who whined about funding overseas wars not so long ago and blamed the other party of the same thing? It's truly an insane upside world and lewis types seem blind they have become the neo-cons, war mongers funding wars, 'ministry of truth' 1984 is here reality.  

  • mhernandez116 Jul-30-2023
    Today at the zoo
    I watched a monkey shit fight.  It was far more interesting and engaging than the political shit fights this comment section too often devolves into.
    Almost makes one wish LVA would just shut off comments. Love the site, love the QoD, but it's becoming a drag to read the same bitching and moaning from the same handful of look-at-me posters.
    Don't they have friends in the real world they can bore?

  • Anthony Curtis Jul-30-2023
    Politics
    Take it to the Kitchen Sink, the cesspool where it belongs. If I see another political statement here, I'll bomb all.

  • RichM Jul-30-2023
    So much division, but we can agree that...
    ...Sheldon Adelson was wrong to try to ban online poker nationwide. It will definitely remain a negative part of his legacy.

  • Kevin Lewis Jul-30-2023
    Relevant to Adelson
    Any discussion of Adelson's casino empire must necessarily include his devotion to the Republican party. He dumped a LOT of money in their direction, in ways official and, um, unofficial. He bought the larger and assimilated the smaller of Vegas's two daily newspapers just so he could turn the final product into the Republican Party Newsletter.
    
    His politics also heavily influenced his labor relations and his investment decisions. So the above stuff I mention has relevance that these Doc-rants don't.

  • Doc H Jul-30-2023
    Response to Anthony and Observation
    Hi Anthony,
    
    First off, I respect this is your business and site and I will abide by your request as you're right, this site and comments should NOT be about politics, despite the previous comment from Lewis that for some reason this QOD has to do with any political party as it doesn't. I read it very carefully.
    
    With all due respect Anthony, may I make an observation and comment: Back in early June of this year, you had a QOD highlighting who Lewis is. Wonderful. But a good chunk of the QOD, you highlighted Lewis's political views. And how he 'often sprinkles political comments into his comments and he's unapologetic about them'. QOD direct quote. Then you went further into his climate views, inequality, left and trump views, in the QOD. So with all due respect once again, can you understand perhaps how some of us commenters, including myself, see a double standard here, a bit of enabling on the political topic?
    
    Thanks for your time to hear my view, best to LVA. 

  • Doc H Jul-30-2023
    quote correction
    Sorry Anthony, I commented the recent QOD incorrectly in the section when you were highlighting Lewis's political views, should have quoted:
    
    'Kevin often sprinkles politics into his comments and he's unapologetic about them'
    
    

  • David Miller Jul-30-2023
    Isn't It Amazing
     Anyone else noticed that more and more the dialogue here in the Advisor is about the postings and expressed content and conduct of one individual? I have been under the impression that the Advisor was a place to obtain information concerning Las Vegas. It would be nice to see the Advisor return to being the great source it once was.

  • Raymond Jul-30-2023
    A plague o' both their houses!
    Yes, it's a paraphrase of Mercutio's dying epithet in "Romeo & Juliet" (for those who ain't got no culture), and it expresses my view of both American major parties and those who engage in endless back-and-forth-and-no-one-changes-their-views commentary.  I'll keep voting, keep having to choose the best of evils rather than the good because the good won't run or don't espouse the right amount of demagoguery, and will keep to my principles.
    
    Yes, Adelson donated heavily to Republican causes.  Believe it or not, that was his right.
    
    As for the actual subject, the Venetian/Palazzo, it's a wonderful property, with great suites and restaurants, hardly a "shitshow".  I don't play there much when I'm in town, because I can play elsewhere just as easily with the same rules and for lower minimums.  The casino floors there seem crowded, which is odd considering the rest of the property.