Some Vegas Casinos May Not Survive

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Will the Coronavirus closures mean the end to some of Sin City’s best known casinos? There is talk that some Las Vegas casinos will not survive and may never reopen again.

Hello players, and thanks so much for streaming another edition of This Week in Gambling! Recently we’ve watched many Las Vegas casinos reopen in the face of Coronavirus. However many casinos in Vegas still remain closed… and some may remain closed forever.

This week’s big story finds seven popular Vegas resorts still closed… these seven: The Mirage, Park MGM, The Cromwell, Planet Hollywood, The Rio, Palms and Tropicana. And while the Mirage is scheduled to open up again next week there are no guarantees for many of the others.

Last week we told you that Red Rock Resorts had four Vegas properties that had yet to reopen… these four: Palms, Texas Station, Fiesta Henderson and Fiesta Rancho. And while they have not specifically said that they’re going to close these properties down for sure they’re also not showing any signs of commitment about when or if they’ll ever reopen.

Meanwhile, Caesar still has three properties (The Cromwell, Planet Hollywood & Rio) unopened in Las Vegas, and a fourth (the Linq) has the casino floor open but not the hotel, Remember, Caesar still says that they’re going to sell at least one of their Vegas strip properties… so let’s do the math:

The Rio has already been sold & Caesars just manages it. The Cromwell is prime real estate right in the center of the Strip and has high valued rooms. The Linq has the High Roller and a zip line attached to it. So, if i were a betting man (and I am) my money would be on Planet Hollywood being the property on the market.

Also, we already covered the Tropicana’s delayed reopening on our last program, which leaves us only with Park MGM… formerly the Monte Carlo. There has been no good reason given why Park MGM remains shuttered, however there is one clue. All the representatives of all the properties that have reopened said the same thing… and that is the properties which they have reopened are “cash flow positive”. Now, I don’t know what that means for the properties that have yet to reopen (or their future) but I guess we’ll find out eventually.

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Las Vegas casinos and the city itself are known for never sleeping, but several of its properties have had their lights turned off for nearly five months. A total of 11 properties owned by MGM Resorts International, Caesars Entertainment Inc., Red Rock Resorts Inc. and Boyd Gaming Corp. have yet to reopen in Las Vegas, as occupancy rates hover as low as 30 percent on weekdays.

Caesars executives revealed that the future of some properties remains uncertain. The Cromwell, Planet Hollywood Resort and the Rio remain closed. The Linq Hotel, another Caesars Entertainment property, doesn’t yet allow room reservations.

MGM Resorts has yet to reopen Park MGM. Its sister property, the Mirage, is set to reopen Aug. 27. In a July 30 earnings call, CEO Bill Hornbuckle said all of the company’s reopened properties are cash flow positive, with the exception of Mandalay Bay. Hornbuckle did not say why Park MGM is among the last to reopen.

Red Rock has yet to reopen four Southern Nevada properties: Texas Station, Fiesta Henderson, Fiesta Rancho and the Strip-adjacent Palms. Chairman and CEO Frank Fertitta III said the company doesn’t know “if or when” it will reopen any of its closed properties.

More at the Review-Journal.