The Venetian, Palazzo, and the adjoining Venetian Expo tend to attract visitors with larger travel budgets, a factor that has helped insulate them from the broader dip in activity
The Venetian Las Vegas expects to have its best year since it opened, even as other parts of the Las Vegas Strip show signs of struggle.
Luxury Market Momentum Pushes Venetian Toward Record Results
Patrick Nichols, the company’s president and CEO, told the Nevada Gaming Control Board that the slowdown affecting many casinos has hardly touched the property. The Venetian keeps doing well because it caters to the upper end of the market.
Nichols, who is in the last stage of getting his license, told officials that fewer budget travelers are coming to the city, as reported by CDC Gaming. He said their own numbers show a clear split, with cheaper hotels seeing the biggest drop in visitors. On the flip side, he talked about The Venetian, the Palazzo next door, and the Venetian Expo as places that draw in guests who can spend more, which helps them avoid the wider slowdown.
He said the resort experienced a small slowdown in early summer but pointed out that late summer erased any worries. He stated that August and September brought in the most money from rooms and had the highest occupancy rates the property has seen in over 20 years. This strength, he noted, shows how the high-end market is acting from the overall Las Vegas story.
Major Upgrades and Policy Shifts Aim to Strengthen Venetian’s Appeal
Nichols also pointed out that management has been looking again at several policies affecting guests to address negative attention about the city’s pricing practices. He did not name specific problems, but said the company has taken a thorough look at fees, parking rules, and other charges, trying to show a clearer sense of value. This approach includes adding more dining options. A new food halloffers meals at moderate prices, while existing upscale restaurants are still there for visitors who want high-end experiences…