An executive at The Cosmopolitan of Las Vegas is returning to The Venetian to become president and CEO, replacing longtime leader George Markantonis.
Patrick Nichols, who began working at The Venetian and has been a Las Vegas hospitality executive his entire career, was named the property’s top executive Thursday by New York-based investment firm Apollo Global Management, owner of The Venetian.
“As we continue to solidify The Venetian’s position as a premier destination on the Las Vegas Strip, we are confident that Patrick’s significant experience in operating and expanding entertainment, hospitality and group events businesses will continue to build on the solid foundation created under George’s leadership and capably carried on by this industry leading team,” said David Sambur, Apollo partner and co-head of private equity.
Nichols will replace Markantonis on Aug. 1. Markantonis, who joined The Venetian in 2015, will then become a special adviser to Apollo’s board of directors.
“We heartily thank George for his steadfast service to The Venetian and its team members and wish him only the best in the next phase of his career,” Sambur said.
Under Markantonis’ leadership, The Venetian had five record-breaking years. He assisted in the transition of The Venetian ownership to Apollo from Las Vegas Sands Corp. when Sands sold The Venetian, Palazzo and The Venetian Expo for $6.4 billion in a deal that closed in February.
“I am incredibly proud to have led such a talented organization over the last seven years,” Markantonis said in a release announcing his departure. “This past May was the best month in The Venetian’s history, and I look forward to seeing the resort’s continued success. Patrick is an exceptional executive, and I am confident he is the right person to carry on our long-term objectives and deliver an unmatched experience for our valued customers and employees.”
Nichols most recently served as general manager and chief strategy officer at The Cosmopolitan of Las Vegas.
He led development, construction, retail and entertainment operations, financial planning and analysis, and new business development. Prior to serving as CSO, Nichols held a number of operational and strategic planning roles.
“I am excited to return to The Venetian and lead one of the most iconic Las Vegas resorts during such a pivotal moment for our city,” Nichols said in a release. “I have seen firsthand 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.”
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Contact Richard N. Velotta at firstname.lastname@example.org or 702-477-3893. Follow @RickVelotta on Twitter.