Las Vegas Strip’s The Venetian Resort announced Tuesday that it is awarding 7,000 employees with bonuses. According to a press release the bonuses, $1,500 per worker, have been awarded to both full-time and full-time flex team members at the resort. The Venetian further noted they were given 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, reports Las Vegas Review-Journal. The appreciation awards were part of a $620 million distribution by an operating subsidiary of private equity firm Apollo Global Management.
Patrick Nichols, president and CEO of The Venetian
The distributions come 10 months after the sale of the operations of the iconic resort to the funds managed by affiliates of Apollo. “The Venetian Resort has seen tremendous business momentum and has grown earnings substantially since acquisition closed,” a press release notes. According to officials, $11 million in total was distributed in awards.
Given 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.
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. 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 has managed to maintain the high room and occupancy rates since the Apollo team took over. Brimmer also recently announced 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.
