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Sunday, June 16, 2024

Iconic Venue Plans $1B in Renovations Ahead of Vegas F1 Race

  • The Venetian is planning more than $1 billion in renovations.
  • The Vegas Formula 1 race will go past the famous hotel.
The-Venetian-Las-Vegas
Gary A. Vasquez-USA TODAY NETWORK

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

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

  • 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.
  • 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 private equity firm Apollo Global Management, which acquired the property in February. 

Apollo owns private golf club operator Invited, which rebranded from ClubCorp earlier this year as it considers a $4.5 billion initial public offering. In May, Apollo offered a $1.25 billion investment to Liga MX.

Having a Ball

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

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

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