Las Vegas is beginning to shut down due to the quick spread of the new coronavirus. Casinos around the city are now closing and tourism is at an all-time low. Unfortunately, many LV construction projects are being postponed due to Covid-19, as well.
This includes the Drew Las Vegas, a major hotel-casino being constructed on the Strip. Today, we’re going to talk about how this virus is affecting the city. We’ll also look at some of the major projects now being delayed here.
Let’s get into it!
All Las Vegas Casinos Have Been Forced to Close
Las Vegas is one of the world’s gambling hubs. In this city, many of the biggest and best casino-resorts are operating. For the past few years, this city has seen a major increase in revenue from its gambling industry.
Things have taken a massive turn over the past few weeks, though. Back in January, the first case of Covid-19 emerged in the United States. This coronavirus has quickly spread around the entire country.
This virus has now infected individuals across 50 different states. According to recent reports, more than 11,000 people in the US have already tested positive. Hundreds of people have been killed and the country’s hospital system may soon go under extreme strain.
States around the country are setting new regulations. Just days ago, news broke that all casinos and restaurants in the state were closing down. Carolyn Goodman, the mayor of Las Vegas, is attempting to downplay the seriousness of the virus and wants to see the city’s establishments back up and running soon.
It’s unclear what effect this casino shutdown will have on Las Vegas. It’s likely costing many casino companies millions of dollars every single month. New reports are coming out that many major construction projects are being forced to shut down.
LV Construction Projects Are Being Postponed
Daily life in Las Vegas has changed dramatically over the past couple of weeks. The Las Vegas Strip is almost deserted and it’s unclear when the state’s gambling industry will be able to begin functioning again. There are several major LV construction projects taking place right now, yet the coronavirus has forced them to get postponed.
The Drew Las Vegas is a major new hotel-casino being built on the northern end of the Las Vegas Strip. This hotel was first constructed in 2007 as the Fontainebleau Hotel-Casino. Eventually, the venue went under bankruptcy and was purchased by Carl Icahn.
Icahn then sold the hotel to the Witkoff Group and New Valley LLC for $600 million. These groups formed a plan to rename and reconstruct the property as The Drew Hotel & Casino. For months, workers have been undergoing renovation on this property.
Unfortunately, it appears that construction here is coming to an end. Steve Witkoff, owner of this property, released a statement to the media about the situation.
“The landscape is constantly changing, and we will continue to work closely with all involved to ensure a swiftly recommencement of the work when it’s appropriate to do so,” he said.
Several other projects are likely to be canceled soon, as well. This includes the MSG Sphere, which is expected to be one of the best new entertainment venues in the city. Not every single project is stopping here, though.
Construction on Resorts World Las Vegas Set to Continue
As we’ve already mentioned, there are a huge number of major projects being constructed in Las Vegas right now. The biggest is likely Resorts World, a massive new casino-resort also being built in the north area of the Strip. It’s the most expensive hotel and gaming venue ever built in the city.
As more LV construction projects begin shutting down, many expect to see Resorts World follow suit. This doesn’t appear to be the case, though. Scott Sibella, president of this casino-resort, has told the media that project developers “do have plans to continue construction.”
Eventually, state lawmakers may force these construction projects to close down. These are unprecedented times and no one knows what to expect for the future. Some health experts predict the situation will continue for months.
Officials in Las Vegas are already feeling the impact of this virus. The city is seeing its lowest tourism rates ever. Some worry that the casino operators here face bankruptcy if nothing changes.
Things are changing fast, though. Government officials are working hard to fast-track a vaccine. Hopefully, things begin to improve before too long.
Several LV construction projects are being put on hold. Stay tuned for more updates on this situation over the next few months!