{"id":27186,"date":"2020-05-29T09:25:56","date_gmt":"2020-05-29T17:25:56","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=27186"},"modified":"2020-05-29T09:25:56","modified_gmt":"2020-05-29T17:25:56","slug":"nevada-ekes-out-slim-april-pansy-ho-takes-charge","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/nevada-ekes-out-slim-april-pansy-ho-takes-charge\/","title":{"rendered":"Nevada ekes out slim April; Pansy Ho takes charge"},"content":{"rendered":"

Yes, Virginia, there was gaming revenue in Nevada<\/strong> last month, although the casinos were closed. Mobile sports wagering and online poker did the trick, plus expired slot tickets, although the amount realized from the latter is described as “immaterial.” Most jurisdictions achieved negative \"\"revenue, although we won’t dwell on that, but will not that winnings toppled 99.5%. Overall, the Silver State collected roughly $3.5 million. Las Vegas Strip<\/strong> casinos accounted for almost all of that, with a $436K contribution from Downtown<\/strong> and isolated pockets of (modest) revenue in Wendover<\/strong> and Carson Valley<\/strong>. Speaking of the Strip, it was the perfect place to get away from it all, only 152,716 passengers passed through McCarran International Airport<\/strong>, a 96.5% plunge from the same period in 2019. That drags the year-to-date total down 37%. International traffic was a big, fat zero (literally) and business was bad all around for air carriers, with Southwest<\/strong> (-95.5%) faring least badly. Since May was also a complete write-off, expect more bad news before the good news.<\/p>\n

Speaking of good news, more details are emerging on the resumption of business at nine Boyd Gaming<\/strong> properties in Las Vegas. While Main Street Station<\/strong> and Eastside Cannery<\/strong> remain dark, it’s business almost as usual<\/a> at the others. Gold Coast<\/strong> is the only one that will be reopening without hotel rooms (and if ever a casino floor needed a deep cleaning, it was Gold Coast’s, which smelled like an ashtray). Considering that Boyd was initially going to abstain from the Downtown reopening, its newfound bullishness is a positive augury.<\/p>\n

* The Culinary Union<\/strong> has won a provisional victory with the casinos, having persuaded the Southern Nevada Health District<\/strong> to issue to following guidance:\u00a0 \u201cTest 100% of front-line employees (housekeeping, casino floor staff, registration, cafeteria, restaurants) initially at or before reopening, then every two weeks for one month, then once a month until end of phase 3.\u201d The Culinary is demanding that Nevada regulators and the Clark County Commission<\/strong> impose this directive as a matter of public policy.<\/p>\n

* We already have an heir presumptive to Stanley Ho<\/strong>. With 16 children and four wives from which to choose, it fell to Pansy Ho<\/strong> to announce the gambling monarch’s death. The accession of Pansy to the throne<\/a> of Sociedade de Jogos de Macau<\/strong> undoubtedly complicates her relationship \"\"with MGM China<\/strong>, of which she is co-chair. (Matters being even further complicated by MGM CEO Grant Bowie<\/strong>‘s sudden withdrawal.) If SJM suddenly has clear leadership after nearly a decade of drift, Stanley Ho having been little more than a vegetable, MGM suddenly looks unmoored. Pansy’s accession also comes at a time when Macao<\/strong> casino revenue is in the tank, due to Chinese travel restrictions to the enclave. Sanford C. Bernstein<\/strong> analyst Vitaly Umansky<\/strong> called SJM a company mired in “dysfunction,” thanks in part to \u201centrenched management.\u201d Pansy isn’t exactly a breath of fresh air and is expected to clash with Mrs. Ho, minority shareholder and rival Angela Leong<\/strong>.<\/p>\n

\u201cSJM is a company in desperate need of a strong, clear leadership and more transparency in terms of its internal power structures,\u201d said gaming attorney Francisco Gaiv\u00e3o<\/strong>. \u201cSooner rather than later Pansy Ho will have another go at her pursuit of SJM control. Being a very sharp and determined businesswoman, she will continue her strategy of alliances \"\"with other shareholders in order to get rid of her known fierce internal enemies and get control of the board.\u201d Pansy’s boosters include former MGM Resorts International<\/strong> CEO Jim Murren<\/strong>, who told Bloomberg<\/em>, \u201cPeople don\u2019t have the full picture of Pansy, of her having tremendous business insight. She\u2019s fearless, she\u2019s an incredibly intense businessperson.\u201d Added iGamiX<\/strong> Managing Partner Ben Lee<\/strong>, \u201cWhile Stanley was alive, things were in limbo — it would have been disrespectful for someone to take the helm. Now that he has gone, what we\u2019ll ultimately see is one person leading a reincarnated Ho empire. This paves the way for Pansy.\u201d<\/p>\n

He concluded \u201cIt looks like family members have realized that the in-fighting that occurred several years ago wouldn\u2019t benefit any of them individually or collectively. Having someone strong like Pansy with the ability to reignite the empire would benefit all of them.\u201d All except Lawrence Ho<\/strong>, described as a ‘dark horse’ in the succession race. But he’s got a full plate at Melco Resorts & Entertainment<\/strong>, which has lapped SJM several times over as a casino developer, and following Dear Old Dad at the SJM helm just might not be to his taste.<\/p>\n

* Fremont Street Experience<\/strong> reopens (minus casinos) on June 3. That gives you 135 hours to get ready.<\/p>\n

* Whatever happened to that casino Bart Blatstein<\/strong> was going to build at Showboat<\/strong>? He’s filed plans with New Jersey<\/strong> to construct a $100 million water park on vacant land instead. Not that we’re against economic diversification along the Boardwalk.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yes, Virginia, there was gaming revenue in Nevada last month, although the casinos were closed. Mobile sports wagering and online poker did the trick, plus expired slot tickets, although the amount realized from the latter is described as “immaterial.” Most … 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":[23,60,151,51,14,283,286,94,62,222,245,207,110,25,213,243,61,9,19,100,247],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27186"}],"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=27186"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27186\/revisions"}],"predecessor-version":[{"id":27190,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27186\/revisions\/27190"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=27186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=27186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=27186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}