On Tuesday, The Venetian Casino in Las Vegas disclosed an exciting update to their compensation plan in a press statement about the Venetian employee bonus. As of the first day of this new year, they have implemented a new program. This program will offer each employee a $1,500 company-funded Venetian bonus. At least 7000 full-time workers in all areas of operation stand to benefit from the extra pay.
Patrick Nichols, President of The Venetian, recognized the positive impact the employees play in the company’s success and therefore the bonus was warranted. He attributed this year’s success to their cooperation and hard work, bringing the company to where it currently stands. He also felt gratified knowing honoring their contribution with the Venetian Las Vegas Appreciation Award would greatly reward the staff for thinking like owners.
At the town hall meeting for staff, the awards were presented. And the employees were treated to a performance of the resort’s new improv comedy. Invitees dined on food prepared by the resort’s culinary team and other restaurants, such as Chica, Mott 32, Brera Osteria, and Milos.
The Venetian Bonus
Reports from the Las Vegas Review-Journal indicate that Nichols’ statement was met with resounding approval. And because of the Venetian employee bonus, they are prompting the launching of confetti cannons and playing jubilant music. Part of the $620 million payout that went into this act of generosity and recognition was courtesy of Apollo Global Management’s subsidiary.
Ten months after the resort sold its operations to Apollo associates to run the bonus funds, the money is making its way back to the staff. Since they officially began running under Apollo, The Venetian has gained remarkable momentum in the business. And has even increased its earnings. So far, $11 million worth of rewards and prizes awarded to employees as a bonus is a good note to start the year off.
But financial health and debt levels are important factors in remaining soundly profitable. So for a privately owned company, it only makes sense that the Nevada Gaming Control Board reviews the books to ensure they remain within their limits after the distribution, which they did.
According to CFO Robert Brimmer, after the $6.4 billion Venetian acquisition in February. The company remains on a solid track for success and has exceeded expectations. Considering that an impressive Venetian employee bonus, hotel, casino, and conference business sits on top of an exceptionally strong gaming industry. It makes perfect sense that The Venetian would perform better than anticipated.
With all the positive results witnessed after Apollo took over, a consistently high room occupancy rate is one of the most notable achievements. Brimmer revealed that $1 billion had been earmarked for hotel renovation. And upgraded casino floor gaming options, like slot machines, to further the progress at The Venetian.
