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These Las Vegas Resorts Could Be Closed for Good Because of COVID-19

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There’s a possibility that the COVID-19 pandemic could result in the permanent closure of as many as four Station Casinos properties in Las Vegas.

While Red Rock Casino, Resort and Spa, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station, Sunset Station and Wildfire have all reopened, Texas Station, Fiesta Henderson, Fiesta Rancho and Palms Casino Resort remain closed nearly five months after the coronavirus crisis prompted Sin City to shutdown.

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“We don’t know if—or when—we’re going to reopen any of the closed properties. We think it’s too early to make that decision at this time,” Frank Fertitta III, CEO of Station Casinos’ parent company Red Rock Resorts, said during the company’s second-quarter 2020 earnings call on Tuesday via the Reno Gazette-Journal.

“So far, we’re very pleased with results that we’ve had, the ability to move some of the play from the closed properties to our existing properties, and we’re going to continue to try to get clarity and navigate the situation to make well-informed decisions,” Fertitta added. “But whatever decisions we make will be in the best interest of shareholder value.”

Like its Las Vegas competitors, including MGM Resorts International, this COVID-19 shutdown devastated Red Rock’s business.

The company reported net revenues of $108.5 million for the second quarter of 2020, a 77.5 percent decline from $482.9 million for the same period last year. Meanwhile, Red Rock’s net loss for the quarter climbed to $118.4 million from $7.1 million during the second quarter of 2019.

This post was published by our news partner: TravelPulse.com | Article Source

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