Apollo adds Patrick Nichols as CEO for casino resorts

Apollo Global Management, one of the biggest investors in the casino land-based sectors, has appointed Patrick Nichols who will now step in as a chief executive officer for The Venetian and The Palazzo. Both properties are in Las Vegas, Nevada, and the change in leadership comes only four months after the company took control over the properties.

Nichols has a wide range of skills and experiences that pertain directly to managing big properties on The Strip. He previously worked as the general manager of The Cosmopolitan but left in the wake of the MGM Resorts acquisition. The new CEO will step in at the position in The Venetian on August 1, while working closely with the outgoing chief executive, George Markantonis, who will be assisting Nichols to catch himself up.

Apollo chief executive David Sambur welcomed Nichols to the company and made it known that his skills and qualifications will be appreciated as part of the company’s portfolio. Sambur spoke about Nichols’ "significant experience" and expressed confidence that the man’s know-how would lead to expanded entertainment and hospitality options for the properties.

Sambur has a point to expect that from Nichols. The man worked on several important and prominent initiatives as part of The Cosmopolitan. He was a Chief Strategy Officer at one point and his track record speaks for itself. Commenting on his appointment, Nichols spared no compliment as well:

"I have seen first-hand how talented The Venetian team is, and I look forward to working together with our best-in-class management team and our partners at Apollo; to drive the resort’s next phase of growth."

This is the first big re-juggling of the executive team for The Venetian in the wake of the $6.25bn acquisition that was completed with help from VICI Properties. Las Vegas Sands, the previous owner of the properties, signaled a withdrawal from the real estate market in Las Vegas and Nevada, exploring alternative opportunities, such as a casino resort in Texas and other similar projects overseas.

Florida and California are two other places where LVS is actively looking to enter the space. Last week, LVS also confirmed that it had made a significant but undisclosed investment in Huddle Tech Inc., a company that is focusing on domestic iGaming experience, signaling Las Vegas Sands’ first significant foray in the space.

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