Las Vegas’ Venetian has a wide array of upgrades planned for this year

Updated May 6, 2024
Updated May 6, 2024By Chris Boline
las vegas betting news may 2024

A familiar sight on the Las Vegas Strip, The Venetian is slated for a makeover as the Venice-themed luxury resort is reportedly set to receive a significant influx of cash capital. Per a recent article, VICI Properties, the owners of the resort, plan to commit $700 million to “transform the Venetian Resort Las Vegas.” As a part of VICI’s Partner Property Growth Fund strategy, this capital injection seeks to finance a range of projects. This includes hotel room renovations, gaming floor optimization, and improvements to entertainment and convection amenities. VICI, a prominent real estate investment trust (REIT), unveiled the plans earlier this month for extensive refurbishment projects, marking a significant step in enhancing the renowned integrated resort’s offerings and guest experience. 

In this article, SBS will be going over the latest gaming news coming out of Las Vegas along with more thoughts and notes about the state of Sin City gaming. 

New improvements aimed at elevating Venetian profile

As noted in the same reporter, this capital infusion, part of VICI’s Partner Property Growth Fund strategy, aims to fund various initiatives. These projects are shown above, but of course showcase a vested interest in increasing the overall brand and appeal of the property and raising it to a higher level. Moreover, the article notes the upgrades are also there to help augment the property’s intrinsic value in the market

According to John Payne, president and chief operating officer of VICI Properties, the partnership with the Venetian Resort underscores a commitment to innovation and progress within the hospitality sector. He also expressed enthusiasm about supporting impactful expansion endeavors at the Las Vegas landmark, citing the impressive performance achieved since VICI’s acquisition alongside funds managed by Apollo Global Management, Inc. in 2022. 

Dave Kieskie, chief financial officer of VICI Properties also emphasized in the report the strategic alignment of the Partner Property Growth Fund strategy with the company’s overarching objectives. He highlighted the dynamic nature of VICI’s real estate assets and the potential for creative capital deployment to optimize operational efficiency and profitability

Capital infusion is expected to be released later in 2024

Per the same article, the fund agreement entails an initial investment of $400 million to be disbursed in 2024, with an additional $300 million available for drawdown until November 1, 2026. Rent payments under the existing lease agreement will be subject to incremental increases, beginning on the first day of the quarter following each capital infusion, reflecting a 7.25% yield. Furthermore, the agreement stipulates that incremental rent hikes will commence annually at a rate of 2.0% from March 1, 2029, with subsequent escalations tied to either a fixed percentage or the Consumer Price Index (CPI), capped at 3.0%. 

The Venetian Capital Investment is expected to be financed through a combination of cash reserves and the partial settlement of forward equity sale agreements. As the article notes, this underscores VICI’s prudent approach to capital allocation and investment management. Additionally, the Venetian Resort Las Vegas is relocating and expanding its poker room to a larger space on Level 2 of the Grand Canal Shoppes, set to open in the summer of 2024. 

As noted in the report, in a broader context, this initiative perhaps exemplifies a growing trend among REITs, including VICI, to provide financing for tenant-driven enhancement projects in the gaming and hospitality sectors. Such arrangements not only diversify revenue streams for landlords but also contribute to the overall enhancement of property values, thereby benefiting all stakeholders involved. 

The Venetian has been a Strip mainstay since 1999

One of the more noticeable properties on The Strip, The Venetian opened in May 1999 and was developed by renowned Las Vegas businessman Sheldon Adelson through his company, Las Vegas Sands. According to one source, The Venetian was built on the former site of the Sands Hotel and Casino, which was closed and demolished in 1996. The resort is, as noted earlier in this report, themed after Venice and has numerous landmarks from the city, including a canal with gondola rides.

Additionally, The Palazzo, a sister property with its own hotel and casino, opened north of the Venetian in 2007. If considered as a single property, the Venetian-Palazzo complex ranks as the second-largest hotel in the world, with approximately 7,100 rooms. Initially, the Venetian was built to accommodate convention-goers in particular, as Adelson felt that this demographic was underserved in Las Vegas. VICI Properties later purchased the land beneath the facilities for $4 billion in 2022

Even more notes & info regarding Las Vegas gaming

After you are all dialed in regarding the latest gaming updates and notes coming from the world of Vegas gaming, make sure to check out the awesome array of info for you over at SBS. Of course, for even more information on the topic at hand, our online Vegas sportsbooks rundown has you covered with all of the most topical updates and reports coming from Sin City. On a completely separate note, for those looking to diversify their payment options, look no further than the payment methods breakdown. On this page, you can find all kinds of options for deposits and withdrawals from crypto to more traditional banking methods. Finally, if you are perhaps interested in some higher-stakes wagering options, look no further than the VIP sports betting sites guide which goes over some of the perks of VIP wagering and if it makes sense for you. 

1
Bovada-logo
BTC Accepted
50% bonus up to $1,000

Bonus

$ 1000
Play Now
2
BetOnline-logo
BTC Accepted
50% bonus up to $1000

Bonus

$ 1000
Play Now
3
BetUS-logo
BTC Accepted
125% up to $2,500

Bonus

$ 2500
Play Now
4
MyBookie-logo
BTC Accepted
100% bonus up to $1000

Bonus

$ 1000
Play Now
5
Xbet-logo
BTC Accepted

Bonus

$ 500
Play Now

About the Author

Chris Boline
Chris Boline

As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football and basketball across the country. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones. CURRENTLY Business Development and freelance sports writing RESIDES IN Reno, NV EDUCATION University of Nevada BS and MBA EXPERTISE -Sports writing proficiency in: NFL, NBA, UFC, boxing, golf, and some motor sports -Topical news -Promotional and marketing ideas/updates -Business development Summary Chris Boline serves in a business development sales capacity as his day job. He has previously held sales/marketing positions with The Applied Companies (TAC), KTVN 2 News and the NBA G League’s Reno Bighorns, affiliate of the Sacramento Kings. He is a Reno native and is a member of various community boards including the Nevada Sagebrush Alumni Chapter, NCET and the College of Business Alumni Association (COBAA). Chris graduated from the University of Nevada in 2015 with a bachelors in management and economics and also earned his MBA from Nevada in 2023. More about Chris: Past president of the College of Business Alumni Association (COBAA) 2022-23 Two-time honoree for University of Nevada Alumni Chapter of the Year (Nevada Sagebrush Alumni Chapter, 2017 & COBAA, 2021) 2021 NCET award for Professional Services Organization of the Year with TAC Northern Nevada Human Resources Association 2020 Best Places to Work-Northern Nevada, Second Place with TAC 2016-17 Reno Bighorns MVP from the Sacramento Kings The Nevada Sagebrush editor-in-chief 2013-15 Associated Collegiate Press 2015 Four-year Non-daily Newspaper Pacemaker honoree University of Nevada, Reno College of Business Dean's List honoree (5x) from 2011-2015 Nevada Press Association award for Best Sports Column – Community in 2015 Education

Read Chris's Profile

Ask Chris about this guide:

Email Twitter