Nichols will replace George Markantonis, who will remain as CEO until August and then move into a new role of special advisor to the board.
Nichols began his career in the gambling industry with The Venetian, serving as a financial analyst from July 2008 to August 2009, before going on to become manager of financial planning and analysis at Marina Bay Sands.
He then spent almost 12 years with The Cosmopolitan of Las Vegas serving in a number of roles such as director of business planning, vice president of financial planning and analysis and, most recently, general manager and chief strategy officer.
“I am excited to return to The Venetian and lead one of the most iconic Las Vegas resorts during such a pivotal moment for our city,” Nichols said. “Under George’s leadership, The Venetian has become one of the premier resorts across hospitality, meetings and events, gaming, and entertainment – not only in Las Vegas, but across the country.
“I have seen first-hand how talented The Venetian team is, and I look forward to working together with our best-in-class management team and our partners at Apollo to drive the Resort’s next phase of growth.”
Markantonis added: “Our team members have established The Venetian as a permanent fixture on the Strip and a destination of choice for our guests, and I am incredibly proud to have led such a talented organisation over the last seven years.
“Patrick is an exceptional executive, and I am confident he is the right person to carry on our long-term objectives and deliver an unmatched experience for our valued customers and employees.”
The appointment comes after land-based gaming giant Las Vegas Sands in February completed the sale of its Las Vegas properties and operations, including the Venetian Resort, to VICI Properties and funds controlled by Apollo Global Management for $6.25bn (£5.12bn/€5.97bn).
The deal, agreed in March 2021, includes the sale of the entire Venetian Resort, comprising The Venetian, Palazzo and Venetian Expo properties.