{"id":26555,"date":"2020-03-27T08:45:34","date_gmt":"2020-03-27T16:45:34","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=26555"},"modified":"2023-03-09T07:37:23","modified_gmt":"2023-03-09T15:37:23","slug":"hiccup-at-resorts-world-lv-coping-with-a-crisis","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/hiccup-at-resorts-world-lv-coping-with-a-crisis\/","title":{"rendered":"Hiccup at Resorts World LV; Coping with a crisis"},"content":{"rendered":"

In case you’ve been wondering, yes, construction is continuing at Resorts World Las Vegas<\/strong>. There will be a partial abatement after a worker tested positive for Coronavirus<\/strong>. As a consequence, work on an unspecified part of the metaresort will be halted until April 1<\/a> as the area is sanitized. \"\"Classified an essential business by Gov. Steve Sisolak<\/strong> (D), Resorts World LV is still shooting for a summer 2021 opening. As the budget continues to escalate, $3 million will be spent on a Crystal Bar<\/strong>, connected with the preannounced Crystal Pool<\/strong>. (By contrast, new Poker Deli<\/strong> will cost a modest $48K.) Reports Eater Vegas<\/em>, “A 220,000-square-foot outdoor complex is planned, featuring seven separate water attractions, including three villa pools and an 1,800-square-foot infinity pool ‘with spectacular views of the Las Vegas Strip<\/strong>.'”<\/p>\n

* At the risk of fear mongering, here’s a report from the Covid-19<\/strong> front lines<\/a>. Anybody who thinks this will be over by April 12 probably also believes in fairies and pixie dust<\/a>. Interestingly, the business community is showing far more circumspection\u2014and responsibility\u2014than the chattering classes. We’ll get past this but must possess ourselves in patience (and caution).<\/p>\n

Hotel consultant Larry Mogelonsky<\/strong> has six suggestions on how the hospitality industry can conduct business-as-usual-as-possible right now. Hint: Lean on technology. “No virus can touch my dreams. You can\u2019t lay a hand on it. This is a speed bump. It\u2019s certainly challenging, though, and it\u2019s going to hurt momentum for everybody,” says developer Ben Weprin<\/strong>, who had to close his 22 Graduate<\/strong> hotels. With 13 more in development, he’s particularly vulnerable to a downturn but remains optimistic<\/a>. He’s prioritizing which projects to finish and which to put on pause, saying, “the only thing I keep thinking is that I\u2019ve got to survive because all of us need to be around on the other side to recreate all of these jobs.”<\/p>\n

Among the post-crisis opportunities Weprin sees are hotels for acquisition, due to diminished liquidity. “Because there\u2019s just a lot more empathy in the lending climate none of the banks want to be seen as trying to take advantage of an act of God<\/strong>,” he adds. Weprin says that he’s had good conversations with his<\/em> lenders and is confident Graduate will come out on the other side intact. (Kudos, by the way, to Lowe’s<\/strong> for planning on hiring 30,000 new employees and giving them $80 million in bonuses. That’s economic stimulus in which we can believe.)<\/p>\n

“I believe half of the workforce in our industry is probably going to be back without hitting too much unemployment,” adds DHR Strategies<\/strong> President Donald Hoover<\/strong>. “Just remember, these are layoffs, not separations or terminations. The good thing is, I can bring you back \"\"without any paper process. It\u2019ll be simple, with no impact on payroll systems, no rehiring costs. And that\u2019s a real bonus.” He recommends that companies Web-conference with their idled employees<\/a> and generally keep the lines of communication open. Hoover believes that “at some point, people are going to want to get back to normal and enjoy the entertainment, the dining and retail they\u2019re used to.\u00a0Part of what we\u2019ll have to do in our sector is add more cleaning staff, show people we\u2019re being very meticulous with cleanliness, and really broadcast that. … We have to show we mean business going forward.” Saying “we have to let this virus run its course,” Hoover concludes, “the good times are not as far away as some people think. We\u2019re going to get back there.”<\/p>\n

* Showing no respect for high office, the disease has infected<\/a> United Kingdom<\/strong> Prime Minister Boris Johnson<\/strong>. Sensibly, the latter is self-isolating at 10 Downing Street.<\/p>\n

* Vermont<\/strong> abhors gambling as a vampire does a crucifix. But the Vermont Lege bit the bullet on Tuesday and formed a committee to\u2014gasp!<\/em>\u2014study sports betting. Mind you, just “study” it. But logic has got its foot in the door. Let’s be hopeful. Elsewhere, one office pool was formed to bet on the outcome of old lumberjack contests. Now that’s<\/em> desperation.<\/p>\n

Bonus Quote<\/strong>:\u00a0“Imagine the Super Bowl<\/strong> if all you could bet on was the national anthem length and the coin toss, and you get a sense of the proportions involved.\u201d\u2014Eilers & Krejcik Gaming<\/strong> analyst Chris Grove<\/strong> on the ramifications of the sports-betting drought<\/a> on companies like DraftKings<\/strong>. But we hear that basketball in\u00a0Tajikistan<\/strong> is hot<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

In case you’ve been wondering, yes, construction is continuing at Resorts World Las Vegas. There will be a partial abatement after a worker tested positive for Coronavirus. As a consequence, work on an unspecified part of the metaresort will be … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14,283,22,279,243,8,9,193],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26555"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=26555"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26555\/revisions"}],"predecessor-version":[{"id":32442,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26555\/revisions\/32442"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=26555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=26555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=26555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}