Venetian/Palazzo Slash Staff, Including Longtime Execs

By Scott Roeben, on November 08 2024
2 min read 17 comments
Las Vegas

From what we’re hearing, Apollo Global Management, operator of Venetian/Palazzo, is slashing staff as a cost-cutting measure.

The layoffs have been described as “extensive” and are happening across departments.

The purge has affected at least two top executives who have been at Venetian/Palazzo for decades.

Don’t speak Italian? We’ve got you.

Venetian hasn’t officially confirmed or said anything publicly about the layoffs, but our sources say there are further layoffs to come.

That sound you hear is Sheldon Adelson spinning in his grave.

We’ve been told Jaime Miranda, Sr. V.P. of Operations, has been let go.

Another longtime executive, John Fechik, Vice President of National Marketing, has been fired after working there 15 years.

It’s pretty clear Apollo is parting ways with senior executives because of their pricey compensation.

Not only is Apollo rejiggering its staff, the conditions of the dismissals has been mucked with as well.

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’s six months. We are not a math person, but that’s half the severance provided in the past.

Apollo Global Management purchased the operations of the Venetian for $2.25 billion in 2022.

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.

Apollo Global Management and TPG Capital drove Caesars Entertainment into bankruptcy in 2015, so they definitely have a handle on running casinos.

Anyway, our heart goes out to the people caught up in these otherwise unreported “staffing adjustments” at Venetian/Palazzo. Capitalism is gonna Capitalism.

Update (11/11/24): Were told Ken Wong, Sr. Vice President, Asian Market Development, is the latest victim of the “purge.”