Arriving Venice at 11:25 pm Vaperotto to get to hotel?

You need the Alilaguna, not the vaporetto, for airport transport. A cursory check indicates that from Marco Polo Airport to San Marco, the last boat is at 12:20 AM. I doubt you will make that, and you still have to get to your lodging from wherever you descend the Alilaguna.

There is a bus to Piazzale Roma that runs until just after 1:00 AM, but then you need transportation from Piazzale Roma. There are night vaporetti, but my thought is that it is getting complicated and late.... You will be tired and finding your way, waiting for rare night boats all seems a bit stressful.

In your shoes, I'd budget for a water taxi that can take as close as possible to yout lodgings.

Customs is nothing really, just pass through the green door, but waiting for your luggage to come off the carousel is what takes time. The last No 5 bus to Piazzale Roma is at 40 past midnight, and the "N" boat runs all night. Where is your hotel? That will be the decider. If it is remote from vaporetto docks the "N" boat uses and hard to find, a water taxi might be the best option. The Regatta Storico will not be a factor at that time of night.

until we know where the hotel is the advice must by its nature be very vague

Katsrad, where are you flying from? What is your nationality? Will you have luggage to pick up, or is it hand luggage only?
Customs is never a delay (unless you have something to declare), it is just a walk-through, as others say. What takes time is immigration (passport control) and waiting for luggage.

• If you are flying from another Schengen country, no immigration, you just have to worry about waiting for luggage. You should be out of the airport in hopefully ½ hour.
• If you are flying from a non-Schengen European country (e.g. the UK), you have immigration to delay you as well, which will be slower if you are not an EU citizen. Possibly 1 hour
• If you are flying intercontinental, you have possible flight delays to add in, plus immigration and luggage. Could be even longer.

In all events 11:25 pm (23:25) is late, the others advice is good.

My daughter and I have gotten a private taxi, shared one once with a couple coming in from Paris.

don't think of the cost, think of it a a private canal ride!!! they can take you as close to your hotel as can
get or to a main water stop and then you can walk, which we have done both times, opps 3 times,
going to the airport and coming from the airport. again enjoy the experience

Sorry I didn't give all the information in my first post. I will only have carry ons with me but will be flying in from Heathrow on a connection from Dallas. I am staying at the Domus Ciliota near the Santo Stefano. Let me know if there is other information that would help. I appreciate all the responses!

Last year we took the shared water taxi that we booked through VeniceLink. I just looked at their site, and the private water taxi operates 24 hours a day and costs 59 euro for one to four people. The shared water taxi is cheaper but last run is 22.30