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