The Palazzo reopened its hotel tower on Thursday, March 11, after keeping it closed for over four months. It joined several other Las Vegas properties that recently reopened fully and are now taking reservations seven days a week.
The Palazzo is part of the larger Venetian Resort Las Vegas. It features more than 3,000 luxury rooms and suites.
In March 2020, Nevada’s casinos and other non-essential businesses were ordered to close as the state was trying to abort the spread of the coronavirus. The properties stayed closed for nearly three months until they were finally allowed to reopen in June.
Due to weak demand, the Palazzo, as well as other Las Vegas properties, stopped taking mid-week reservations in July. And as the state implemented a series of restrictions in December to contain a new Covid-19 surge, the hotel tower stopped accepting reservations completely.
Some of its restaurants and boutiques as well as its casino floor and parking garage remained open. As mentioned above, The Palazzo joined other Strip properties that recently reopened fully and resumed mid-week reservations, sparking a new wave of hopes that demand in Las Vegas is finally picking up after a turbulent 2020.
In early March, MGM Resorts International reopened its Mandalay Bay, Park MGM, and Mirage resorts and these are now operational seven days a week.
In addition, the city is also soon about to welcome its newest casino complex. After postponing its launch several times, Virgin Hotels Las Vegas has announced that it will open doors on March 25.
The Venetian Has a New Owner
The Palazzo reopened shortly after news emerged that the complex will undergo a change of ownership. US buyout firm Apollo Global Management has entered into an agreement to add the property to its bulging portfolio of casino and hospitality assets.
The company is set to pay $2.25 billion to acquire the operating company of the Venetian, the Palazzo, and the adjacent Sands Expo and Convention Center. All three are currently owned by Las Vegas Sands.
In addition, VICI Properties, a real estate investment trust associated with Caesars Entertainment Inc., will pay $4 billion for the land and real estate assets of the above three properties. The transaction thus values these at $6.25 billion. Once it closes, Apollo will enter into a long-term, triple net lease agreement with VICI for the gambling complex, the hotel tower, and the convention venue.
Subject to regulatory approval, the deal is anticipated to close in the fourth quarter of 2021.
Las Vegas Sands first announced that the sale of the Venetian and the Sands Expo and Convention Center was under discussion back in October. Company officials said at the time that offloading these properties would make it easier for Sands to focus its efforts entirely on the Asian market as it has been forming the casino operator’s backbone for a while now.
The gaming and hospitality powerhouse, whose founder and long-time CEO Sheldon Adelson passed away in January, currently manages integrated resorts in Macau and Singapore and these account for more than 85% of its entire revenue.
Source: “The Palazzo Reopens Its Hotel Seven Days a Week on the Las Vegas Strip”, Eater Vegas, March 11, 2021
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