Wynn Resorts CEO Matt Maddox said in an earnings call Wednesday reopening in May could be a possibility as Nevada rolls out its phased reopening. “I believe we will continue to see in Phase 2, openings of additional businesses and potentially opening of our business in late May,” he said.
“Clearly, we won’t be opening large mass gathering places such as nightclubs or convention areas or shows. But we will be opening most of our restaurants, and we’ll be working with our retail partners to try to have an experience that will be safe and fun,” he said.
Wynn Resorts announced the closure of Wynn Las Vegas and Encore in mid-March, just before Governor Steve Sisolak ordered casinos statewide shuttered to help curb the spread of the coronavirus.
Casinos cannot reopen until at least May 15, although Maddox predicted it would be late this month at earliest before the state gives the green light.
Even then, the reopening will likely be gradual. MGM Resorts International, which operates 10 Strip resorts, has said it will initially probably open only a couple properties.
“In Las Vegas, we’re still working through what our opening plan is going to look like,” Maddox said. “Given all the occupancy limitations that we will self-impose, it could very well be both of the (Strip) assets open.”
Company officials said the resorts will need an occupancy rate of 50% to 60% to break even. “We do anticipate that as we get close to an opening, weeks from now, there will be pent-up demand in the leisure segment,” Maddox said.
Wynn, which employs about 15,000 people in Las Vegas, will pay all its workers and provide benefits through at least the end of the month, regardless, Maddox concluded.
Source: GMB / Las Vegas Sun
