The Palazzo is one of the legendary Strip properties, and it was closed for a long time due to the Covid-19 restrictions. However, the popular hotel is now back to the Strip after more than four months of complete shutdown. The property is now taking reservations for every day of the week, meaning it plans to operate according to its full-week schedule.
The Palazzo is basically part of the Venetian Resort Las Vegas. It offers more than 3,000 luxurious rooms and suites, and Las Vegas enthusiasts love staying at The Palazzo when visiting the Entertainment Capital of the World.
2020 was a long year for The Palazzo (and for the entire land-based gambling and hospitality industries, for that matter). In March 2020, all casinos and non-essential businesses were ordered to shut down as the state of Nevada was fighting the spread of the coronavirus. Introducing lockdowns was one of the ways to minimize the spread. All properties weren’t operating for three entire months and were allowed to reopen back in June.
There wasn’t a huge demand back in 2020, so the Palazzo, including many other properties in Las Vegas, stopped taking mid-week reservations. A new series of restrictions were introduced in December 2020, when the virus started spreading once again. At that moment, The Palazzo went into full shutdown mode once again and completely stopped accepting reservations.
Some of its amenities, however, remained open for visitors, including some restaurants, the casino floor, and a parking garage.
The situation is getting a bit better, as the vaccination is currently underway in the world, including the US. Therefore, a new wave of hope is finally spreading among Vegas operators that reservations will finally start going up again after all the events that took place in 2020. The Palazzo joined many other Strip properties in offering full-week reservations once again.
The first property to do so was Mandalay Bay, part of MGM Resorts International, which opened its doors to visitors in early March. This was followed by the reopening of Mirage resorts.
Las Vegas also has some really big news — a new casino complex that will be opened on March 25. Virgin Hotel Las Vegas will be the newest addition to the family. Although it was originally scheduled to reopen earlier, the grand opening had to be postponed due to the Coronavirus pandemic.
A Change in Ownership
The Palazzo opened its doors shortly after it was announced that it would change owners. Its most interested buyer is the US buyout firm called Apollo Global Management, which already has a decent portfolio of various hospitality and casino assets. The company has to pay a total of $2.25 billion for acquiring the Venetian, the Palazzo, as well, as the Sands Expo and Convention Center. The property is currently owned by Las Vegas Sands, which is currently selling all its Vegas properties, as it wants to focus on the thriving Asian gambling market. Let’s hope that the new owners will have more faith in the US-based business.
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