Casino revenue on the Las Vegas Strip fell 39% to $330.1 million in July from a year ago, the first full month properties were open after the coronavirus shutdown, showing the city is struggling to win back customers. Nevada’s total casino revenue tumbled 26% to $756.8 million, officials said last week. That will hurt tax revenue at a time when virus-related expenses are rising, since gaming furnishes a large share of the state budget. The Las Vegas numbers underscore the difficulties faced by economies dependent on air travel, with consumers still reluctant to venture far beyond their homes for entertainment. Nevada casinos began reopening June 4, with restraints on capacity. Some properties remain closed. Las Vegas resorts have also been hurt by their inability to offer live entertainment or host meetings of more than 50 people. That’s led hotels to offer deep discounts, particularly midweek.
Genting empire keeps dividends even as casino, resorts stung
Companies in the Genting group are keeping up dividend payments despite the conglomerate facing its gravest challenge yet as the pandemic roils its collection of casinos, cruises and resorts. Genting Bhd. and Genting Malaysia Bhd. are keeping their interim dividend payments of 6.5 sen and 6 sen a share, respectively, the same as in 2019, according to stock exchange filings. Genting Bhd. reported its worst quarter in records going back to 1999, while Genting Malaysia’s net loss was the biggest since 2000. For the rest of the year, the group “remains pessimistic on the overall financial performance as global travel remains highly restrictive,” it said in a statement.
Atlantic City casino accuses rival of poaching executives
Atlantic City’s top casino is accusing a rival of poaching a half-dozen of its top marketing executives in an attempt to “cripple” it by using secret details about its best and most profitable customers. In a lawsuit filed Thursday in Nevada, the Borgata casino says the Ocean Casino Resort hired six marketing executives, despite non-competition agreements that bar at least two of the highest-ranking ones from working for a competitor for a year after leaving. At particular issue is a cellphone one of the executives is said to have taken with him from Borgata to Ocean, containing priceless information on Borgata’s top customers — including their personal cellphone numbers, gambling preferences, likes and dislikes including favorite foods and beverages, how much the casino might be willing to discount large losses for them, and instances in which the casino might change the rules of some games for these players. Ocean declined to comment, saying it does not discuss ongoing litigation.
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