When Vegas bets on you, odds are in your favor to win big. Faith Hill and Tim McGraw like those odds, just like any sane superstar artists with some business savvy should.

Billed as “The biggest musical event in Venetian history,” McGraw and Hill’s famed Soul2Soul show will begin its limited engagement run at the Venetian Theatre on Dec 7 and go 10 weekends through April 2013.

“It’s thrilling for us to be a part of this extraordinary experience,” commented Hill at a town hall style press conference in the 1815-seat theater where the production will be staged. “We are creating a show that is going to be remarkable for our fans… and for us as well.” The theater and the hotel are currently undergoing renovations to accommodate the state of the art show.

Flanked by writer David Wild and Venetian COO and President John Caparella, the country couple answered questions from the national music media about the show, their marriage and Vegas. Caparella, by the way, is a former Gaylord Entertainment executive.

One stipulation for the couple’s participation was that The Venetian allow them to work around their daughters’ school schedules. They have no plans to relocate to Las Vegas full-time.

“We’re parachuting in and out too,” quipped Hill.

Ticket prices start at $95.50 and are already on sale to Venetian Grazie members, Clear Channel subscribers, and Tim and Faith fan club members. The general public gets to purchase them beginning at 10 am Monday, August 13.

But exactly what the show will entail remains unclear. McGraw noted it would feature “a lot of us together. We’re doing some things you can’t do with a different show in a different place every night.” Hill joked that she would be singing all of her hits, and McGraw would do about half of his.

McGraw made an even more intriguing comment by saying, “The chances of us not being onstage together, other than a song or two, are very slim.” The couple has collaborated on hits “Let’s Make Love,” “It’s Your Love,” “I Need You,” and “Like We Never Loved At All” but most of each artist’s hits have been solo endeavors.

“This is us together,” said McGraw. “That’s what this whole show is about.”

McGraw didn’t elaborate whether they would be helping one another on solo material or trying out new collaborative material. Though fans have long hoped for a Hill-McGraw duets album, it does not appear to be in the works for this set of performances. Hill has reportedly finished recording her long-awaited new studio album, and McGraw is in the process of recording his first collection as a Big Machine artist.

Soul2Soul will be the third country show to hit the Vegas strip, following Garth Brooks’ ongoing residency at the Wynn and Shania Twain’s upcoming residency at Caesars Palace. McGraw stressed their show was, “not trying to counterbalance anything Garth is doing.” The pair and Caparella left it open-ended as to whether they might consider extending the performances past April.

“We will certainly give fans what they want,” explained Hill, “but this gives us the opportunity to be creative together like we never have before.”

Which will, undoubtedly, be a necessity. At less than 2000 seats, the opulent Venetian Theatre is a much more intimate venue than the stadiums and arenas both artists are used to playing. It’s also likely a different audience than the rowdy stadium crowd, which will call for some adjustments in presentation.

The Venetian, by the way, was an incredibly gracious host. Media visitors from Nashville and beyond were wined and dined in true Vegas style, including an extravagant dinner at the hotel’s Tao Asian Bistro, and a delicious lunch reception following the press conference. The building also offers oodles of high-end shopping, modeled on the winding streets and canals of Venice. The well-appointed, comfortable guest suites made for a relaxing retreat away from the excitement of the gaming rooms downstairs. A complimentary tray of chocolates (including a chocolate gondola and a marbled chocolate column) was sent to the visitors’ rooms upon arrival, which this writer quickly devoured in its entirety.

After all, what happens in Vegas is supposed to stay there.