FINAL AFTERMATH:
I eventually got my check for $750 but only because me and fellow Yelper, Ingrid R, were regularly checking up on the status of our checks. Our main contact in their Risk Mgmt Dept was Tony who was completely incompetent. Aside from his very 1st call to let me know what their course of action was, he outright ignored all other follow up calls and emails regarding the status of our checks. He didn't have the decency to call or reply back. I was starting to worry that the Venetian would skip out on paying us. Ingrid was finally able to speak with another rep, Emma, who assisted us in finalizing the cutting and mailing of our checks.
SHAME ON YOU VENETIAN FOR PROVIDING VERY POOR CUSTOMER SERVICE: you screwed me and my friend in losing our luggage; you screwed us in the way that you treated us during that weekend; and you still screwed us with your sorry compensation handled by your incompetent Risk Mgmt Dept.