The Venetian doll-up ahead of F1 Vegas show



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$1B Las Vegas investment ahead of F1 race Image: MJR Group Ltd./Coliseum

An iconic Las Vegas (US) location is making a huge investment ahead of Formula 1’s arrival in the City.

‘Front Office Sports’ stated that The Venetian, known for its replica canals and gondolas, is investing over $1 billion in renovations. It is already undertaking a huge project with the Madison Square Garden Entertainment, which it aims to finish before F1’s Las Vegas Grand Prix in November 2023.

The Venetian Las Vegas is a luxury hotel and casino resort located on the Las Vegas Strip in Paradise, Nevada, United States, on the site of the old Sands Hotel. Designed by KlingStubbins, the hotel tower contains 36 stories and rises 475 feet (145 m). The Venetian is owned by Vici Properties and operated by the Apollo Global Management. The Venetian resort complex includes the adjacent Palazzo resort and The Venetian Convention and Expo Center, as well as the upcoming MSG Sphere at The Venetian. The Venetian-Palazzo complex includes the world’s second-largest hotel, with 4,049 rooms, 3,068 suites and a 120,000-square-foot (11,000 m2) casino.

St James’s Market, London (UK)-based Formula One is the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l’Automobile.

The Madison Square Garden Entertainment Corp. is an American entertainment holding company based in New York City. The company was established in 2020 when The Madison Square Garden Company spun off its non-sports assets as an independent, publicly-traded company.

The Las Vegas Grand Prix is a planned Formula One Grand Prix due to form part of the 2023 Formula One World Championship, with the event taking place in Las Vegas, Nevada (US), on a temporary street circuit including the Las Vegas Strip.

The 17,500-capacity MSG Sphere at The Venetian is a sphere-shaped music and entertainment arena being built in Paradise, Nevada, near the Las Vegas Strip (US) and East of the Venetian resort.

‘Front Office Sports’ further stated that the Venetian is revamping its casino floor, restaurants and entertainment areas, as well as spending $50 million on a beach day club.

The hotel company is a presenting partner of the Vegas Grand Prix, and the street track will pass the Venetian. The Venetian will offer suites and experiences connected to the race.

The race founding partner MGM Resorts plans to purchase $20 million-$25 million in F1 tickets and could offer packages around the event priced over $100,000.

The Venetian is owned by the private equity firm Apollo Global Management, which acquired the property in February this year.

Apollo owns private golf club operator Invited, which rebranded from ClubCorp earlier this year as it considers a $4.5 billion initial public offering (IPO). In May, Apollo offered a $1.25 billion investment to Liga MX (the top professional football division in Mexico).

New York (US)-based Apollo Global Management, Inc. is an American global private equity firm. It provides investment management and invests in credit, private equity and real assets.
 

Having a Ball

The Venetian already has a major construction project in the works: It is teaming up with the MSG Entertainment, owner of Madison Square Garden, on a $1.85 billion entertainment center called the MSG Sphere.

The 20,000-seat venue will be one of the world’s largest spherical structures.

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