Do you think that the Virus will bankrupt MGM or Wynn?
Poll
 | 4 votes (16%) | ||
| | 21 votes (84%) |
25 members have voted
Quote: ChumpChangeJust wait for this virus to get into the ventilation systems of every larger building and everybody comes down with some kind of lethal Legionnaires Disease COVID-19 type.
And by the time they are cleaned, either BK or open. Yah, that duct-work needs cleaning, nice catch.
Suited89
The town, and their stocks, are getting crushed by these closures but I think it's just a buying opportunity. I think that they'll open, people will be reticent to return, but they will eventually. They'll also be doing it at the MGM/WYNN casinos abroad and it other domestic areas (Biloxi and so forth).
I think they'll be back- the cruise lines are another story from a corporate standpoint although that industry will survive as well.
Quote: Lovecomps
I think they'll be back- the cruise lines are another story from a corporate standpoint although that industry will survive as well.
The cruise lines already had plenty of health disasters recurring before this happened. This sure won't give people confidence.
Quote: rxwineThe cruise lines already had plenty of health disasters recurring before this happened. This sure won't give people confidence.
I love to cruise, but I can't see myself going on another one. The first cruise I went on, in 1975 had some 500 passengers. The next one had almost 1200 and I thought it was too many. The last one had several thousand and was more of a floating city than a floating hotel.
Quote: EvenBobNot right away but eventually. When they
reopen nobody will be flocking to the
casinos for a long time and most will
have to shut down or scale back
drastically.
You dont know gamblers very well, do you? Open and they will come in droves... guaranteed!
This shut down is definitely hindering my supplemental income. I forbid myself to play online so I will be the first to roll the dice when they reopen.
I will consider online poker during this time.. Anyone play bovada poker? How quick are the payouts?
i am more worried about the Central Pennsylvania Clinic which has had to cancel its community fundraisers this year and is relying on PayPal donations to pay its lighting bill. Meanwhile the clinic is setting up a Horse-and-Buggy drive through testing center in partnership with Juanita College.
I've written before about Mary Caperton Morton and her reviews of geological sites in the Nevada desert and about free campgrounds in the Las Vegas area. Her father is the Minister and Doctor who runs the clinic.
Quote: rxwineThe cruise lines already had plenty of health disasters recurring before this happened. This sure won't give people confidence.
The thing is that they have a long established business model that produces billions of income a year. It's just going to depend on how they handle their financing. They are carrying over 50 billion in debt between them, almost all of which is in the ships.
Quote: LovecompsThe thing is that they have a long established business model that produces billions of income a year. It's just going to depend on how they handle their financing. They are carrying over 50 billion in debt between them, almost all of which is in the ships.
I disagree. I think that at 100% capacity a boat may make $1,000,00 per sailing. At 90% capacity it might make $500,000. At 70% it may lose money. No matter how many people on the boat the mortgage for the boat is the same, the Captain is paid the same, the engineer, the show people, etc....
I expect a big contraction in the Cruise industry.
I just hope the Bingo rooms will be dead so I can bingo out most of the games.
Quote: VegasriderWill the Nevada resorts eliminate the resort fee once they open to attract more visitors? 6/5 BJ will remain only because 90 % of the players don’t care or even know the difference between the standard pay outs. It will take over a year to get the conventions back in the Vegas cycle again, which the city relies on the most to fill up the hotels and restaurants.
I just hope the Bingo rooms will be dead so I can bingo out most of the games.
I have it on good authority that all resort fees will be eliminated....
To be replaced by a COVID-19 cleaning fee of the same price......
Quote: ChumpChangeMayor de Blasio says he's begging Trump for a $7 billion bailout and Trump is silent. The mayor says cities and states across the country are doing their budgets at this time and a lack of a bailout means they will all go bankrupt.
All municipalities will be a begging soon..... Sales tax revenue way down. Convention revenue zippo. Health care costs... UP.......
They can't just print money like the Federal Government.....
States and municipalities must actually balance a budget.....
I'd say more but not in the mood for a suspension today....
Sticking with Pharma/Biotech, Technology,and Consumer Staples. Just think about what you will be doing more of in the near future. Staying home more... Cable, Food, Video, Computer, Hand lotion.
Quote: ChumpChangeI'm expecting entire networks to go out of business to keep the cable bills down.
They would go out of business if we could pick and choose what we wanted to subscribe. And I don't count the current environment of streaming services the ability to pick and choose what I want to watch. It's closer, but not there yet.
PUBLISHED FRI, AUG 28 2020 11:00 AM EDT
https://www.cnbc.com/2020/08/28/mgm-resorts-sends-separation-letters-to-18000-furloughed-employees.html
MGM Resorts lays off 18,000 amid pandemic
MGM Resorts International said Friday it is sending separation letters to 18,000 U.S. employees who were furloughed during the coronavirus pandemic, making their job cuts permanent for now.
MGM’s Empire City remains closed in New York state, as does its Park MGM in Las Vegas. Casinos in Las Vegas, where MGM has an outsized presence on the Strip, continue to be especially affected by declines in tourism and travel, restrictions on capacity, the lack of fans at sports events, and negligible conference and group business.
At the start of this year, the company employed 70,000 workers in the U.S.
“Nothing pains me more than delivering news like this,” CEO Bill Hornbuckle wrote in the separation letter to employees. “The heart of this company is our employees and the world-class service you provide. Please know that your leadership team is working around the clock to find ways to grow our business and welcome back more of our colleagues.”
The company said it will extend health benefits for furloughed employees until Sept. 30. It’s promising workers who are recalled before the end of the year that they will retain their seniority.
Federal law requires workers to be given a separation date if they’re furloughed for longer than six months. Aug. 31 marks six months of administrative separation for the furloughed MGM employees.
Quote: IndyJeffreyThey would go out of business if we could pick and choose what we wanted to subscribe. And I don't count the current environment of streaming services the ability to pick and choose what I want to watch. It's closer, but not there yet.
Only way I signed up for Spectrum, was a self picked package of 10 cable channels. News, Sports and Weather. Came with local networks and a few civic channels. I'm happy with the results. I'm sure there may be cheaper ways to go. Im now at $45 cheaper a month then 4 years ago when I cut the cord. MTV can't go out of business soon enough.
Quote: ChumpChangeMGM Resorts lays off 18,000 previously furloughed employees
PUBLISHED FRI, AUG 28 2020 11:00 AM EDT
https://www.cnbc.com/2020/08/28/mgm-resorts-sends-separation-letters-to-18000-furloughed-employees.html
MGM Resorts lays off 18,000 amid pandemic
MGM Resorts International said Friday it is sending separation letters to 18,000 U.S. employees who were furloughed during the coronavirus pandemic, making their job cuts permanent for now.
MGM’s Empire City remains closed in New York state, as does its Park MGM in Las Vegas. Casinos in Las Vegas, where MGM has an outsized presence on the Strip, continue to be especially affected by declines in tourism and travel, restrictions on capacity, the lack of fans at sports events, and negligible conference and group business.
At the start of this year, the company employed 70,000 workers in the U.S.
“Nothing pains me more than delivering news like this,” CEO Bill Hornbuckle wrote in the separation letter to employees. “The heart of this company is our employees and the world-class service you provide. Please know that your leadership team is working around the clock to find ways to grow our business and welcome back more of our colleagues.”
The company said it will extend health benefits for furloughed employees until Sept. 30. It’s promising workers who are recalled before the end of the year that they will retain their seniority.
Federal law requires workers to be given a separation date if they’re furloughed for longer than six months. Aug. 31 marks six months of administrative separation for the furloughed MGM employees.
I have been communicating with people in the casino, hospitality, and restaurant industries, and the consistent message I am hearing from all of them is that Vegas is "different" not in a good way.
1. The weekend warriors that do come to Vegas are largely made up of "lower end" clientele who have been driving in with their unemployment checks while the $600 a week federal covid checks were flowing. They are seeing a slow down of spending since $600 a week unemployment dried up.
2. The week day is DEAD. Pre-covid, they had a steady stream of convention visitors who were employed and had money. In addition, convention crowds drove lots of business lunch and dinners. Vegas is completely missing that.
3. I'm getting report that their tips are as low as 25% of what they used to make due to the lack of volume of customers and the lower-end clientele who don't tip much.
I also do agree that 6/5 blackjack will be here to stay since these clientele don't know much of the difference, and they don't care. I envision a tough road ahead with the recovery. They need the shows, concerts, nightclubs, and conventions back.
Quote: billryan6/5 blackjack is twenty years old and going nowhere. Until someone starts to offer 11/10.
I think they will skip that and just go to even money blackjack. People will still play it and be excited because they got an automatic winner.
