Updated December 6, 2022 - 7:45 pm
Employees at The Venetian are receiving $1,500 bonuses as part of an appreciation award program Tuesday.
A total of $11 million is being distributed, and all 7,000 full-time and flex-time workers are receiving the same amount regardless of seniority or position.
“It’s my great honor to lead this spectacular group of team members into the bright future ahead of us,” said Patrick Nichols, president and CEO of The Venetian. “The incredible year we’ve had would not have been possible without their teamwork and dedication. We’ve inspired our team members to think like owners and being able to announce this Venetian Las Vegas Appreciation Award today really makes what was an idea, a tangible reality.”
Nichols announced the awards in an employee town hall meeting that included a performance of the resort’s new improv comedy show, “Freestyle Love Supreme,” and a dinner from restaurant partners Brera Osteria, Chica, Matteo’s Ristorante Italiano, Milos, Mott 32, Tao and Yardbird, as well as the resort’s culinary team.
Nichols’ announcement brought an overwhelming affirmative reaction, followed by the firing of confetti cannons and celebratory music.
The appreciation awards were part of a $620 million distribution by an operating subsidiary of private equity firm Apollo Global Management. Because the company is privately held, the distribution had to be reviewed by the Nevada Gaming Control Board and the Nevada Gaming Commission to assure the company’s financial stability and appropriate debt balances after the distribution.
During regulators’ November meetings, representatives of Apollo indicated Venetian employees would be in line for bonuses, but they didn’t specify the amount, choosing to announce that directly to employees at the town hall meeting.
Robert Brimmer, chief financial officer of The Venetian, said the resort has substantially outperformed expectations since the property was acquired for $6.4 billion from Las Vegas Sands Corp. in February, in a deal first announced in March 2021.
Brimmer said the company has had higher-than-expected financial results in the hotel, casino, food and beverage, and meetings and convention business. The company managed to maintain high room and occupancy rates since the Apollo team took over. He termed it as “right-sizing the capital structure” of the company and rewarding investors for their support.
Brimmer said the company intends to invest $1 billion in the property in the next three to four years with room remodelings and the expansion and upgrading of the casino floor with more slot machines.
Employees attending Tuesday’s town hall also brought in hundreds of toys for the 98.5 KLUC Chet Buchanan Show Toy Drive, presented by The Venetian.
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