The Venetian picks Patrick Nichols as next CEO

Monday, June 13, 2022

The Venetian announced that George Markantonis would step down as its president and CEO on August 1. At that time, Patrick Nichols would step into those roles. The management switch at The Venetian comes four months after Apollo Global Management closed on its $2.25 billion acquisition of the property from Las Vegas Sands Corp. (LVS)

In a statement, Nichols said he was excited to move a mile north on the Strip and return to The Venetian. He will be in charge of both The Venetian Resort, which when including The Palazzo is the second largest hotel in the world with 7,092 rooms, and The Venetian Expo and Convention Center, a 2.25 million conference center.

He said that under George’s leadership, The Venetian has become one of the premier resorts across hospitality, meetings and events, gaming, and entertainment – not only in Las Vegas, but across the country.

I have seen firsthand how talented The Venetian team is, and I look forward to working together with our best-in-class management team and our partners at Apollo to drive the Resort’s next phase of growth.

Nichols is a graduate of Cornell University. After starting as a financial analyst for The Venetian in July 2008, he became the manager of financial planning and analysis for Marina Bay Sands in October 2009. Marina Bay is the LVS-owned integrated resort in Singapore.

A year later, he moved to The Cosmopolitan, starting as director of strategic planning and moving up the ranks. He became a vice president at the casino resort in May 2014, the chief strategy officer in April 2018. Nichols added the GM role to his title two years ago.

As The Venetian’s CEO under LVS ownership, Markantonis led the resort for five record-breaking years before the COVID-19 pandemic. The recovery has been strong as well, with Markantonis noting May was the best month in its 23-year history.

Apollo Partner and Co-Head of Private Equity David Sambur thanked Markantonis for his leadership over the past seven years.

Apollo Partner Daniel Cohen added that the company sees “a number of exciting opportunities in the market.” Markantonis isn’t leaving immediately. After the switchover occurs in August, he will become a special advisor to The Venetian’s Board of Directors.

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