I believe this should do what you want:
<?php
if ( has_post_thumbnail() ) {
echo '<div id="venue-single-img">';
the_post_thumbnail();
if ( get_post_meta($post->ID, 'Venue Image Notation', true) ) {
echo '<span>' . get_post_meta($post->ID, 'Venue Image Notation', true) . '</span>';
}
echo '</div>';
}
?>