The Venetian Picks Ex-Cosmopolitan GM Patrick Nichols as Next CEO
Posted on: June 9, 2022, 09:15h.
Last updated on: June 10, 2022, 09:59h.
A familiar face is returning to The Venetian to run the resort and convention center on the Las Vegas Strip.
Late Thursday, The Venetian announced that George Markantonis would step down as its president and CEO on Aug. 1. At that time, Patrick Nichols would step into those roles.
According to his LinkedIn bio, Nichols started his career with The Venetian 14 years ago as a financial analyst. Most recently, he served as the general manager and chief strategy officer for The Cosmopolitan. The Cosmopolitan became an MGM Resorts International property last month. That’s when it closed on the $1.6 billion purchase of the Strip resort from investment firm Blackstone.
The Las Vegas Review-Journal reported Nichols’ departure from The Cosmopolitan in late May.
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)
About Patrick Nichols
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 The Venetian Resort, which, 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.
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,” he said.
Nichols is a graduate of Cornell University. After starting as a financial analyst for The Venetian in July 2008, he became the financial planning and analysis manager 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, and the chief strategy officer in April 2018. Nichols added the GM role to his title two years ago.
Markantonis Staying On
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 also been strong, 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.
As we continue to solidify The Venetian’s position as a premier destination on the Las Vegas Strip, we are confident that Patrick’s significant experience in operating and expanding entertainment, hospitality and group events businesses will continue to build on the solid foundation created under George’s leadership and capably carried on by this industry leading team,” Sambur said.
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.
“Our Team Members have established The Venetian as a permanent fixture on the Strip, and a destination of choice for our guests, and I am incredibly proud to have led such a talented organization over the last seven years,” he said.
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June 8, 2022 — 2 Comments—