Wynn Resorts Ltd. Chief Executive Officer Matt Maddox is calling for parts of the Nevada economy to start reopening in early May, followed by the Las Vegas Strip in the middle or later part of the month.
“I understand that if we incrementally reopen we might have to pull back if a spike in cases occurs that jeopardizes our health care system capacity,” he said in an opinion piece published by the Nevada Independent. “However, the only way to cross this river is one stone at a time, and we need to put our feet in the water before it is too late.”
The opinion piece was accompanied by a 23-page proposal detailing steps it’s taking to keep its casino, hotel rooms and facilities sanitized and safe, down to details such as giving all guests amenity bags that include hand sanitizer and face masks, as well as a “Covid-19 awareness card.”
The casino operator was the first in the state to shut down operations amid the outbreak and is committed to paying its staff for 60 days through May 15, which is costing the company about $3 million a day or $180 million for the two months, he said.
Wynn Resorts operates two properties in the Macau SAR, where the casino business – the main pillar of the local economy – has endured three months of near-zero level tourism. Gross gaming revenue fell nearly 80% in year-on-year terms in March, rounding out the quarter with a 60% decline.
The shutdown to cope with the pandemic has also taken a toll in Las Vegas and the state of Nevada. Both rely heavily on the tourism industry.
The unemployment rate rose by 2.7 percentage points to 6.3% in Nevada – the largest increases in jobless rates in the nation, according to a Labor Department report Friday, as Americans began curbing their social activities and staying home more.
“Our economy is in a free fall,” said Maddox, adding that he’s on calls almost everyday with the nation’s and state’s top health experts to plan for the reopening. “Nevada will likely be one of the hardest hit states in the nation and suffer very high unemployment. It is imperative to flatten this curve so we can re-emerge in a safe, sustainable way.”
Earlier this month, Las Vegas Sands CEO Sheldon Adelson penned an op-ed for the New York Post in which he credited Nevada Governor Steve Sisolak and others for “taking decisive actions to protect health and safety.”
Adelson, whose pledge to pay workers in the U.S. mirrors that of rival Wynn Resorts, has also called on “fellow business leaders” to work together to protect the employment of Americans.DB/Agencies
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