![]() In an op-ed over the weekend, Maddox laid out his plan to begin reopening the Nevada economy in early May. The good news for casino room rates is that they will likely open the Strip back up in phases, limiting initial supply. Even when the casinos do start to open back up, Kelley said occupancy rates will initially remain low due to a lack of air travel. So far Caesars Entertainment Corporation (NASDAQ: CZR) has taken the biggest hit in June, with room rates down 31.2% from a year ago.īank of America is modeling for casinos to stay closed through June 1. “It’s hard to speculate on an exact date that the Strip re-opens, and we think properties will open selectively and in phases, not all at once,” Kelley wrote in a note.Īmong the large Vegas casino operators, MGM Resorts International (NYSE: MGM) has taken the largest hit to May room rates, which are down 62%. ![]() June room rates are averaging $136, a 22% decline. Kelley said Las Vegas Strip room rates booked in the month of May are averaging just $106 per night, down 50% from a year ago. On Sunday, Wynn Resorts, Limited (NASDAQ: WYNN) CEO Matt Maddox called on the state of Nevada to begin reopening the Las Vegas strip resorts in mid-May, and Bank of America analyst Shaun Kelley said Tuesday hotel room rates in Vegas are dropping even into the month of June. Casino stocks have been among the hardest-hit groups in the market due to the COVID-19 shutdown.\
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |