VICI PROPERTIES ANNOUNCES PLANS TO CLOSE THE VENETIAN RESORT AFTER 2025 SEASON
Las Vegas, NV — May 17, 2025 — In a stunning and unexpected move that has sent shockwaves through the Las Vegas Strip, Vici Properties Inc. (NYSE: VICI) announced Friday morning its decision to permanently close The Venetian Resort at the end of the 2025 season. The announcement comes as part of what the real estate investment trust (REIT) calls a “strategic repositioning of its hospitality portfolio,” sparking both outrage and speculation across the hospitality and gaming industries.
The Venetian, one of the Strip’s most iconic luxury resorts, has been a centerpiece of Las Vegas entertainment since it opened its doors in 1999. Known for its distinctive architecture replicating Venice, Italy—complete with indoor canals and gondolas—the resort has been a favorite among tourists, high-rollers, and convention-goers for over two decades. The closure, expected to begin in late December 2025, will effectively end a 26-year legacy that has defined a generation of Las Vegas tourism.
Surprise Decision from VICI Properties
In a press release issued early Friday, Vici Properties CEO Edward Pitoniak said the closure decision was “not made lightly” and followed “months of market analysis, portfolio optimization studies, and extensive consultations with our partners.” The REIT, which owns an extensive portfolio of gaming, hospitality, and entertainment assets, acquired The Venetian’s real estate from Las Vegas Sands in a $4 billion deal completed in 2022. Apollo Global Management took over operations at the time, leasing the property from Vici.
“While The Venetian has been an invaluable part of the Las Vegas experience, shifting market trends and long-term investment returns necessitate a re-evaluation of our footprint on the Strip,” Pitoniak said. “We are incredibly grateful to the thousands of team members, guests, and business partners who have made The Venetian a legend in its own right.”
Market Reaction and Industry Response
The announcement caught many industry insiders off guard. Despite a softening in the Vegas convention market post-pandemic, The Venetian has consistently ranked among the top-performing resorts in room occupancy, revenue per available room (RevPAR), and convention bookings. Analysts had viewed the property as a crown jewel in Vici’s portfolio.
“This move is baffling,” said Theresa Kwan, senior analyst at TruEdge Hospitality Research. “The Venetian is not just a resort—it’s a massive economic engine with over 7,000 rooms, one of the largest casino floors in the city, and more than 2 million square feet of convention space. For Vici to walk away from that asset is borderline shocking.”
Kwan speculates that the real motive may involve redevelopment. “This is prime real estate. It’s hard to believe Vici will just let it sit idle. It’s more likely that there’s a long-term plan in play—possibly a complete demolition and rebuild.”
Employee and Guest Reactions
Within hours of the announcement, social media exploded with reactions from Venetian staff, many of whom found out through the news rather than internal communications. The resort currently employs over 7,000 full-time and part-time workers across its hotel, casino, restaurant, and retail divisions.
“I’ve worked here since the doors opened,” said longtime bell captain Marcus Navarro. “We got through 9/11, the recession, COVID shutdowns—and now this? It feels like a gut punch.”
Guests also expressed disbelief. Reservations for late 2025 are already seeing cancellations, and some are scrambling to reschedule weddings, conventions, and major events booked for the fourth quarter.
“We chose The Venetian for our December 2025 wedding because it’s magical,” said bride-to-be Alyssa Chen from Seattle. “Now we’re scrambling for a backup venue. It’s heartbreaking.”
What Comes Next for the Property
While Vici Properties has not disclosed its specific plans for the sprawling Venetian site, rumors are swirling. Some insiders suggest the land could be used for a high-tech entertainment complex, possibly in partnership with major streaming or esports brands. Others whisper of a partnership with a Saudi-backed investment group looking to introduce an ultra-luxury brand previously unseen on the Strip.
Vici confirmed that no new leases or bookings will be accepted beyond December 15, 2025. Current commitments will be honored through the end of the year, and staff are being offered severance packages and placement assistance in other properties under Vici’s portfolio, including Caesars Palace and MGM Grand.
Historical Significance of The Venetian
Designed by Las Vegas visionary Sheldon Adelson, The Venetian debuted in 1999 with a $1.5 billion price tag—one of the most expensive casino-resorts ever built at the time. The integrated resort concept, combining luxury lodging with fine dining, shopping, and convention space, helped redefine Las Vegas beyond its gambling roots.
The property expanded further in 2007 with the addition of The Palazzo, marketed as a sister tower with its own entrance, casino, and suites. Together, they created the second-largest hotel complex in the world.
“Losing The Venetian is like losing a piece of Las Vegas’s soul,” said Richard Velasquez, a former VP of Development for the resort. “It set the tone for modern Vegas. This isn’t just business—it’s history.”
A Changing Strip
The closure of The Venetian marks a major turning point in the evolution of the Las Vegas Strip. With Resorts World and the MSG Sphere driving the north end’s rejuvenation and new tech-driven venues reshaping visitor expectations, traditional mega-resorts like The Venetian may be becoming relics of an earlier era.
Still, for many, the closure will feel like the end of a dream. As gondoliers sing their last songs and the final cards are dealt at The Venetian’s casino tables, one of Vegas’s most enduring emblems will fade into memory—leaving behind a legacy of opulence, ambition, and grandeur.