They drained the canals for F1, so we\u2019ll just blame F1.<\/figcaption><\/figure>\nVenetian hasn\u2019t officially confirmed or said anything publicly about the layoffs, but our sources say there are further layoffs to come.<\/p>\n
That sound you hear is Sheldon Adelson spinning in his grave.<\/p>\n
We\u2019ve been told Jaime Miranda, Sr. V.P. of Operations, has been let go.<\/p>\n
Another longtime executive, John Fechik, Vice President of National Marketing, has been fired after working there 15 years.<\/p>\n
It\u2019s pretty clear Apollo is parting ways with senior executives because of their pricey compensation.<\/p>\n
Not only is Apollo rejiggering its staff, the conditions of the dismissals has been mucked with as well.<\/p>\n
A team member relays severance has typically been two weeks pay for every year of service when one departs the company, capped at one year. Now, it\u2019s six months. We are not a math person, but that\u2019s half the severance provided in the past.<\/p>\n
Apollo Global Management purchased the operations of the Venetian for $2.25 billion in 2022.<\/p>\n
The former owner, Las Vegas Sands (the aforementioned Sheldon Adelson was founder, Chairman and CEO) was notoriously generous with its employees. Las Vegas Sands famously paid their employees (including benefits) even when casinos closed during the pandemic.<\/p>\n
Apollo Global Management and TPG Capital drove Caesars Entertainment into bankruptcy in 2015, so they definitely have a handle on running casinos.<\/p>\n
Anyway, our heart goes out to the people caught up in these otherwise unreported \u201cstaffing adjustments\u201d at Venetian\/Palazzo. Capitalism is gonna Capitalism.<\/p>\n<\/p><\/div>\n
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