see. by the time mgm reopens not only will nassau otb retirees be flovking to las vegas to bet and or to work.
mgm will offer bets as to the reoprning date if any of. Nassau otb, the number of subpoenaes and indictments of public officisls in nassau county, and the number of public corporation bankruptcy filings in nassau county. the us attorney for the eastern district of new york woll get jealous of the us attorney in michigan and his sctivities with respect to gm and the uaw. nassau county has the distintion of a union official who holds elected public office in an adjacent county.
batter up. no more spting training. play ball!
MGM Resorts CEO Says Las Vegas Strip Reopening Will Start With Two or Three Casinos
MGM Resorts’ net revenue decreased 29% in the three months ended March 31
MGM Resorts is the biggest operator on the Strip with about a dozen properties, including the MGM Grand.
PHOTO: ETHAN MILLER/GETTY IMAGES
Once the Las Vegas Strip is cleared to reopen, MGM Resorts MGM -10.81%International will open two or three of its casinos, including the flagship Bellagio, as part of a gradual relaunch, acting Chief Executive Bill Hornbuckle told Wall Street analysts.
MGM Resorts, the biggest operator on the Strip with about a dozen properties, will have the Bellagio to compete with other high-end properties reopening at the same time, Mr. Hornbuckle said, and the New York-New York casino could be chosen as a lower-priced offering. Casinos will open with safety measures including social distancing, which the company will lay out in a plan to be released in two weeks, he said.
“Consumer confidence is key to economic recovery, and thoughtful reopening strategies are vital to building public trust,” Mr. Hornbuckle said in a conference call Thursday discussing quarterly results.
Exactly when casinos will be allowed to reopen in Nevada was still unclear. As of Thursday afternoon, Gov. Steve Sisolak hadn’t given a date for when his administration’s closure order will be lifted. “It’s believed that gaming will open universally, meaning all of gaming in Southern Nevada will have the chance to open at the same time, when it’s deemed safe,” Mr. Hornbuckle said. MGM Resorts has furloughed nearly 63,000 employees.
MGM Resorts’ net revenue decreased 29% in the three months ended March 31 to $2.3 billion, from $3.2 billion the same period a year ago. Amid the coronavirus pandemic, the casino industry has ground to a halt. Casinos across the U.S. shut down starting in mid-March, while travel restrictions in China continue to limit business in the gambling hub of Macau.
Related Video
As Georgia Begins to Reopen, Many Choose to Stay Home
UP NEXT
0:00 / 3:55
As Georgia Begins to Reopen, Many Choose to Stay Home
MGM Resorts is spending about $270 million a month on property maintenance, corporate operations, rent and other ongoing expenses while U.S. casinos are closed, and the company has $4.6 billion in cash, not including China operations and a partnership with real-estate investment trust MGM Growth PropertiesLLC, according to the company.
Operating income for the three-month period rose to $1.3 billion compared with $370 million in the same three-month period last year, because of a $1.5 billion gain from selling the real estate of the MGM Grand and Mandalay Bay properties on the Strip.
MGM Resorts lost about half of its meetings and convention business—and half of that has already rebooked those group events later this year or next year, Mr. Hornbuckle said.
Looking ahead, Mr. Hornbuckle said the company is still committed to developing a casino-resort in Osaka, Japan. A proposal is due in July, but the selection process will likely be pushed back to later in the year, he said.
Write to Katherine Sayre at katherine.sayre@wsj.com
No comments:
Post a Comment