Job cuts continue at Las Vegas casinos. Boyd Gaming employees are out of jobs starting tomorrow, although health benefits will continue through June 30. For a company that’s sitting on as much cash as Boyd, that’s a 
strange move. Boyd’s board will go without pay during the hiatus, while executives are taking pay cuts (and some furloughs). The Cosmopolitan of Las Vegas was somewhat more clement, extending pay for full-time and some part-time employees through next week. Their health benefits will also last until June 30. Earlier this week, MGM Resorts Entertainment announced a glitzy roster of entertainer-contributors (Hans Klok!) to its Employee Emergency Grant Fund, set up for the company’s 60,000 idled workers. Conspicuously absent from the donors: Cirque du Soleil, which has a clown’s nose full of problems of its own.
Those casino employees who are collecting their severance by mail ought to be concerned about Continue reading
uniform so there’s no point in dwelling on them: Hollywood Toleldo $7 million (-61%), Hollywood Columbus $8.5 million (-61%), Jack Cleveland $7.5 million (-62%), Hard Rock Cincinnati $7 million (-64%), MGM Northfield Park $9.5 million (-61%), Scioto Downs $7 million (-60%), Jack Thistledown $5.5 million (-57%), Miami Valley Gaming $6.5 million (-62%), Belterra Park $3 million (-61%), Hollywood Dayton $4 million (-61%) and Hollywood Mahoning Valley $5 million (-59.5%). Better luck this month.
million range. The company is spending between $70 million and $80 million (God bless it) to keep employees paid from April 1 to May 15. Most of the cash is in Macao but JP Morgan analyst Joseph Greff heavily implies it can be tapped to cover domestic costs. Counting interest ($500K/day), it cost Wynn $3 million per day to keep its casinos shuttered during the 15-day lockdown in Macao. “While properties are opened, they continue to operate under extremely challenging conditions, and until such measures are lifted, WYNN expects to ‘continue 
Administration and Secretary of the Treasury Steve Mnuchin, to take his case straight to Donald Trump. The problem, 
Hornbuckle’s background in casino operations (former MGM COO and long-tenured LV Strip operator), something we think is critical given the current operating environment.” We agree. MGM’s four key priorities—in descending order—are A) more real-estate transactions, B) “increasing exposure in Asia,” C) more sports betting and D) extra “operating efficiencies,” Wall Streetspeak for “cost cuts.” “Looking ahead, MGM will look to refocus on what is core to running the business (i.e., MGM is a gambling business, not an entertainment business),” which sounds like a dramatic shift of direction to us. For the moment, MGM is trying to figure out how to burn through less cash while being 
stabilizing and showing improvement,” Stifel Financial analyst Steven Wieczynski says. ‘Impaired’ is putting it nicely. If you’re returning from Macao through infected Guangdong Province, you face a 14-day quarantine upon returning home, which could send Macanese tourism into even more of a tailspin. Also, unless you have a visa predating the February shutdown (since lifted) or a business one, 
fallen back on 
trying to determine the impact this crisis will have on sales and share prices, let me say our job as business leaders is now as simple as it is challenging. It is to maximize the number of employees and their families that we can help–and help them for as long as possible.”—Las Vegas Sands CEO Sheldon Adelson, in a letter to the New York Post.
Covid-19 in Macao 
latter plunged 61% to $10 million while Maryland Live fell 55.5% to $25 million. Barely registering as blips on the radar were Hollywood Perryville with $3 million (-58%), Ocean Downs‘ $3 million (-59%) and Rocky Gap Resort‘s $2 million (-58%). West Virginia casinos enjoyed one more day of business and were only down 35% by comparison, partly because the reporting period is not exactly congruent 
company itself says, it needn’t play poor, not with $3.9 billion cash on hand. It advised investors “has since incurred substantial operating losses in March and the Company does not expect to see a material improvement” because we don’t have any light at the end of the Coronavirus tunnel yet. Those March losses reverse a $1.3 billion profit booked in January and February. MGM isn’t the only company showing fortitude: 
administration and the Mashpee Wampanoag. The origin of the tribe’s newly dissolved, 321-acre reservation is clouded by tribal recognition during the George W. Bush administration through the intervention of morally depraved lobbyist “Casino Jack” Abramoff and the cahoots of tribal chairman—and convicted felon—Glenn Marshall. The application for a reservation languished until late in the Barack Obama administration, which