We’re now in mid-April, and every casino-resort in Las Vegas remains shut down. It’s been a tough month for land-based casino operators, many of whom are looking for an update on when they’ll be allowed to open once again. According to new reports, the Las Vegas Virgin Hotel is still preparing for a Fall opening date.
That’s great news for officials at Virgin. A significant amount of money has been invested into this property and hope was that it would be an immediate success. Now is the perfect time to give an update on this new casino-resort.
Let’s get into it!
Casino Companies in Las Vegas Are Still Closed Down
When the coronavirus first touched down in the United States, it was unclear how big of an issue this would become. Today, however, it’s clear that this new virus is taking an incredible toll on many different industries.
The land-based casino industry is being hit very hard. All land-based gambling venues across the country are officially closed down. This includes ones in Las Vegas, where many of the most expensive casino-resorts are currently located.
This shutdown is costing many of these companies a huge amount of money. According to some reports, several Las Vegas casino operators are losing millions of dollars every single day. The worst thing is that no one can really say when the city’s casinos will be given permission to open to the public.
Tourism into Las Vegas is also very low right now. So few people are flying into McCarran Airport, that officials decided to close down two of its concourses. The low number of tourists is hurting many of the city’s non-gaming businesses.
At the moment, several new casino-resorts are being constructed in Las Vegas. One new venue set to open there later this year is owned by Virgin Hotels. Here’s an update on this new property.
Las Vegas Virgin Hotel is Still Set to Open This Year
As we just mentioned, all land-based casinos in Las Vegas are completely closed down. Interestingly, the construction of new casino-resorts has continued here. This includes renovations on the Las Vegas Virgin Hotel.
Last year, Virgin Hotels announced it had purchased the Hard Rock Hotel & Casino in Las Vegas for $500 million. The company then stated it planned to renovate the property and convert it into a Virgin-branded casino-resort. Renovations have been taking place for months.
Company officials told the media that this new casino-resort is still on-track for a Fall opening. Richard Bosworth, president of Virgin Hotels, spoke about the construction progress with the Las Vegas Review-Journal this week.
When asked if construction had stalled, Bosworth gave an encouraging answer.
“We consider ourselves very fortunate that to date, and I do want to emphasize to date, we have had no disruption to our construction project or our schedule… I want to emphasize that while we certainly feel blessed that we, to date, have not had a disruption to our scheduling, it’s very difficult to feel happy or excited about that when it’s such a devastation to an industry.”
He went on to claim that the renovations would end up costing around $200 million. Hopefully, things in Las Vegas are back to normal by the time this venue opens.
Atlantic City is Also Seeing a Major Drop in Revenue
At the moment, the two major casino destinations in the United States are Las Vegas and Atlantic City. It’s been incredible to watch Atlantic City grow so quickly. A little over a decade ago, this city was on the brink of collapse.
Things began improving over the past few years and many casino companies here began earning serious revenue every month. This has now come to a stop. The coronavirus has forced all casinos in this city to shut down.
This has been very damaging to the city. Some reports claim that the casino industry here is losing up to $500 million every single month right now. The fact that New Jersey has the second-highest infection count in the country doesn’t help things.
Land-based casino companies around the country are suffering right now. On a good note, some states are seeing their cases flatten out and officials are beginning to discuss getting things back to normal.
It appears that the Las Vegas Virgin Hotel will open later this year. We’ll need to wait and see whether or not other major casino-resorts will manage to stay on schedule to open, as well.
Stay tuned for more Las Vegas casino news over the next few months!