Employees at The Venetian receive $1,500 bonus
A total of $11m is being distributed between all full-time and flex-time workers.
The Venetian employees are receiving a $1,500 bonus because of an appreciation award program provided by the company. All 7,000 full-time and flex-time workers will receive the same bonus, regardless of seniority or position.
A total of $11m has been distributed with the awards being announced at an employee town hall meeting. The meeting included a performance of the resort’s new improv comedy show “Freestyle Love Supreme” and dinner from restaurant partners Brera Osteria, Chica, Matteo’s Ristorante Italiano and others.
The Venetian President and CEO Patrick Nichols commented: “It’s my great honor to lead this spectacular group of team members into the bright future ahead of us.
“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.”
These appreciation awards are part of a $620m distribution by an operating subsidiary of the private equity firm, Apollo Global Management. Due to the company being privately held, the distribution had to be reviewed by the Nevada Gaming Control Board and the Nevada Gaming Commission to ensure the company’s financial stability.
The CFO for The Venetian, Robert Brimmer, stated that the resort has outperformed expectations since it was first acquired for $6.4bn from Las Vegas Sands Corporation in February.
He also revealed that the company intends to invest an additional $1bn in the property over the next three to four years, involving room remodeling and the expansion of the casino floor.
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