MGM’s Las Vegas Strip properties were among the worst hit, with a 21 percent dip in revenue compared to the 10 percent decline seen at regional properties.
Casinos & Gaming
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The Las Vegas Convention and Visitors Authority confirmed what most tourism leaders already knew: The coronavirus devastated visitation to the city in March.
With the state’s casinos ordered closed in March by Gov. Steve Sisolak, the industry knew it was going to see a huge win decline. As bad as it is, April’s win will be worse.
The state Gaming Control Board could limit the number of people inside a casino at one time, but it probably won’t mandate temperature detectors at entrances.
After a six-month field trial at four casinos, three of them in Las Vegas, the startup manufacturer will offer games geared toward millennial and Gen-X players.
Former Nevada Gaming Commission Chairman Tony Alamo is conflicted on how Nevada should reopen because of his experience as a regulator and a medical doctor.
Reno-based Eldorado Resorts is changing partners on deals for two casinos and Caesars Entertainment is selling off an Atlantic City property, anticipating a June merger.
In a prospectus filed Thursday with the SEC, MGM Resorts International said it is improving its liquidity position with $750 million in senior notes due in 2025.
Citing a commitment the company made in mid-March, Las Vegas Sands CEO Sheldon Adelson has agreed to extend pay and benefits for 9,300 employees through at least May 17.
The resort operator’s numbers reflect the economic damage of the coronavirus pandemic and government-ordered casino shutdowns in Nevada and Macao.
State gaming regulators have issued a memorandum addressing the filing of forms and paperwork that will enable casinos to reopen — but there’s no date for that to occur.
The Herbst family is developing a casino near Creech Air Force Base in Indian Springs that is expected to open in early June.
The state’s gaming tax is calculated based on a percentage of a casino’s win. Lost winnings means lost general fund tax revenue that supports government functions from schools to public safety.
Casino industry analysts expect casinos to be among the first to come back, but the product is going to look different than it did before the virus shutdown.
The reopening of Macao’s casinos after a 15-day shutdown may offer a glimpse into Las Vegas’ future — a hoped-for return to being the 24/7, glimmering disco ball of a city that it was.