Venetian Resort Las Vegas / VICI Properties

Apr 4, 2024

THE facts and figures

VICI Properties made headlines when it announced its intention to acquire the landmark Venetian Resort Las Vegas and the Sands Expo and Convention Center. This real estate buyer tasked EBI Consulting with conducting a thorough acquisition assessment of the property in early 2021. During two weeks on-site, EBI implemented a team of 36 expert consultants, who evaluated:

rooms

elevators and escalators

slated for the MSG Globe project

CHALLENGES

With over 16 million square feet including convention space, three hotel towers, numerous pools, canals and other water features, casino space and more, the primary challenge was how to approach such a large property. VICI needed to understand the current condition of the property, requiring a diverse array of assessments, reporting, and testing by experienced professionals.

SOLUTION

EBI Consulting deployed a sizable team of 36 expert consultants and professionals to assess the property within VICI’s desired timeline. Through the team’s robust analysis, the extensive due diligence project culminated in 37 reports covering 7,300 pages and assembled in five components to make the findings easier to understand. EBI also organized special clearance to operate drones for aerial footage of the property’s facades and exterior in a usually restricted flight area, given the proximity to Harry Reid International Airport.

VICI also wanted to understand how the asset was operating to maximize energy efficiency. EBI delivered a study that laid out how the operators could save money, with the next step goal of implementing those energy-saving practices. EBI’s assessment helped VICI determine how best to achieve future energy cost reductions and contribute to the asset’s
long-term sustainability.

OUTCOME

EBI was able to give VICI a more transparent outlook on the reserves needed, as well as identify areas of potential long-term savings.

  • 17M sq. ft. assessed by EBI Consulting as part of the acquisition assessment of the property prior to signing
  • 7.3k pages comprising 37 comprehensive due diligence reports
  • 37 reports delivered and assembled in five components to make the findings more comprehensible

SERVICES EBI PROVIDED

  • Phase I Environmental Site Assessment (ESA)
  • Acquisition Property Condition Report (APCR)
  • Façade Report
  • Roof Report
  • American with Disabilities Act Assessment
  • Mechanical, Electrical and Plumbing report (including an additional infrared scan of electrical components)
  • Elevator/Conveyance Systems Report
  • Parking Garage Report
  • Fire and Life Safety Report
  • Air sampling
  • ASHRAE Energy Audit: Level 2

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