The Palazzo reopens its hotel today after more than nine months of closing for midweek stays and four months of accepting no reservations. Consider it yet another sign of increased demand in Las Vegas coming as Nevada expects to increase capacity to 50 percent on March 15.
The Palazzo stopped taking mid-week reservations in July, then stopped accepting reservations completely in December. Restaurants such as Majordomo Meat & Fish from David Chang and the Chinese gem Mott 32, boutiques, the casino, and the parking garage remained open.
Earlier this month, Palazzo parent company Las Vegas Sands Corp. announced the sale of the gaming giant to Apollo Global Management Inc. and Vici Properties Inc. for $6.25 billion. New York-based Apollo, founded by real estate investor and former CEO Leon Black, acquires the operating assets and liabilities of the Las Vegas business for approximately $1.05 billion in cash and $1.2 billion in seller financing while New York-based Vici Properties Inc., a real estate investment trust affiliated with Caesars Entertainment, acquires subsidiaries that hold the real estate and real estate-related assets of the Venetian for approximately $4 billion in cash. The sale, which will require regulatory approval, includes the Venetian, Palazzo, and Sands Expo and Convention Center.
The news comes as the state plans to relax its COVID-19 restrictions at restaurants and bars. In November, Nevada restricted restaurants to 25 percent capacity with a maximum of four people per table to slow the spread of COVID-19. On February 15, the state let restaurants and bars offer 35 percent capacity and a maximum of six people per table. Gov. Steve Sisolak says that if the state’s COVID-19 numbers continue to decline, he expects to continue reopening by relaxing capacity levels to 50 percent on March 15.