Maybe I'm just overly pessimistic, but according to the IHG press release
Members of IHG's Priority Club Rewards and Ambassador loyalty programs will have the opportunity to enjoy for the first time membership benefits and recognition at two award-winning flagship resorts in the heart of the Las Vegas Strip. And The Venetian and The Palazzo Resorts guests will benefit from IHG's loyalty programs, by earning points at these resorts that they can redeem for stays at any of IHG's 4,500 hotels worldwide, including 168 InterContinental hotels and resorts.
It does not explicitly mention about redeeming PC points for award stays at
InterContinental Alliance Resorts.