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Whether Las Vegas opens or not in the coming weeks, MGM will not be. That property has announced it will cease taking reservations for the month of May.
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Reservations have been cancelled through May 21, which opens the door for a possible Memorial Day Weekend opening.
A number of other properties, including Boyd Gaming, Caesars Entertainment, and Station Casinos are taking reservations starting May 15.
The 3000-room Treasure Island was among the first to announce its intention to re-open May 15.
Las Vegas casinos have been shuttered since Mid-March as the global coronavirus pandemic continues to place a stranglehold on the world.
The company reported it has about $6 billion in cash, though its “cash outflow” for its domestic properties has been coming in at around $270 million per month while the properties remain closed.
“Our properties are effectively generating no revenue,” MGM officials said in the filing. “While we believe our strong liquidity position, valuable unencumbered assets and aggressive cost reduction initiatives will enable us to fund our current obligations for the foreseeable future, COVID-19 has resulted in significant disruption of global financial markets, which could have a negative impact on our ability to access capital in the future.”
- MGM Cancels Reservations for Las Vegas Resorts Through May 21
- What Las Vegas Sands' Earnings Tell Us About the Casino Industry's Future
- Colorado Sports Betting Set to Launch May 1 With Most Teams Sidelined and State’s Casinos Closed
- Pa., N.J. Casinos Lose $274 Million in a Month
Despite online gambling indeed skyrocketing in all three states, newly released data show it wasn't nearly enough to offset massive losses from traditional casinos.
In Pennsylvania, total gambling revenues fell from $304 million in February to just $153 million last month after the state's 12 casinos were all shuttered March 16. Add that loss to a $124 million dropoff from February to March in New Jersey, and a staggering $274 million in likely revenue was lost in just 16 days across the two states.
The numbers will grow even bleaker when Delaware releases full figures later this month, according to Vernon Kick, director of the Delaware Lottery. That comes despite a 58% percent boost in online gaming in that state.
- Aaron Goldstein, Gambling911.com
