Henderson, Nevada is home to a number of popular casinos. Unfortunately, many of the gambling venues based in this city have seen large revenue drops throughout the year. New reports claim that the Eldorado Casino in Henderson has just officially been sold by Boyd Gaming.
Many analysts saw this coming. Boyd Gaming has been interested in getting rid of this gaming venue for many years. Today, we’re going to talk about what this means for the company moving forward.
Let’s get into it!
Nevada’s Casino Industry is Working Hard to Recover
Since March, we have been covering the economic situation unfolding in Nevada. The casino shutdowns ordered here took a massive toll on the state. Tourism came to a screeching halt and thousands of individuals lost their jobs.
It wasn’t until June that casinos were able to open their doors again. Over the next few months, more and more of the major casino-resorts in cities like Las Vegas started accepting guests. Most of the big casinos in this state are now open once again.
Things are still far from normal, though. Nevada continues to see an increasing number of Covid-19 cases being reported. As a result, Governor Steve Sisolak has been forced to implement more intense safety measures. That includes an order limiting casino occupancy to just 25% set last month.
It’s an extremely difficult time for Las Vegas, a city that in many ways relies on tourism and gambling. In October, the state saw a revenue decrease of 20% when compared to the same month in 2019. Unfortunately, many predict an even larger drop to be reported for the month of November.
With travel restrictions set in place throughout the country, Las Vegas is seeing far fewer visitors than it did over the summer. Many of the hotel-casinos in this city have recently begun closing during the week due to this drop in tourists. If what health experts are saying is correct, this trend could continue for months to come.
Fortunately, none of the major casinos in this state have been ordered to close once again. Casino companies here are now doing everything they can to generate revenue effectively.
Boyd Gaming Officially Sells Eldorado Casino in Henderson
Boyd Gaming is one of the most established casino companies in Nevada. It was founded back in 1975 and now controls a huge number of gaming venues around the country. That includes the Fremont Hotel and Casino in Downtown Las Vegas.
This company has been hurting for most of the year. Like most other casino operators in Nevada, Boyd Gaming has been seeing massive revenue drops. In July, it was forced to lay off approximately 25% of its workforce.
Fortunately, the company is getting some much-needed money right now. Reports have confirmed that Boyd Gaming has officially sold the Eldorado Casino in Henderson. It’s a long-time coming and many analysts were surprised it didn’t happen sooner.
Boyd sold this company to DeSimone Gaming. The company released an official statement to the media about this property sale this week.
“The Eldorado was a non-core asset to the company, and as we have continued to grow over the years, this property represented a very modest part of our overall business,” the statement said.
Boyd Gaming has long-complained that the Eldorado Casino has been one of the company’s worst-performing casinos. Its sale may end up saving a large amount of money in the future. Specific details of the casino sale have not been reported.
There’s a good chance that we will see more of these casino sales over the next few months. Stay tuned for updates!
Henderson’s Casino Industry May Soon Expand
Henderson is located directly next to Las Vegas and is home to more than 300,000 individuals. As you might expect, there are a large number of popular casinos in this city. It’s a local gambling hotspot and seems ready to expand in the near future.
New reports claim that Marnell Gaming is considering opening a new casino in Henderson. The company believes Henderson would benefit from opening a Las Vegas-style casino-resort. If all goes according to plan, this could open sometime in the next few years.
Of course, now might not be the perfect time to focus on expansion plans. Many of the casino companies in Nevada are simply trying to break even right now. Tourism appears to be dropping throughout the state and may not recover for months.
There are some massive new casinos opening in Las Vegas soon. That includes Resorts World Las Vegas, the most expensive gambling venue ever constructed here. Many expect this to be a game-changer for the northern area of the Strip.
Boyd Gaming is doing everything it can to bring in money right now. The sale of the Eldorado Casino in Henderson is now official. Hope is that the casinos this company operates begin seeing revenue increases soon.
Do you think it’s time for Henderson to open more casinos? Let us know in the comments section below!