The Palms Casino-Resort in Las Vegas is one of the most popular venues located off the Strip. Unfortunately, it’s remained closed since the mass casino shutdowns back in March. New reports claim the Palms Las Vegas will likely stay shut down until tourism rates return to normal.
This property is owned by Station Casinos, which has kept several of its major casinos closed over the past eleven months. Today, we’ll talk about Station Casinos’ plans for the future. We’ll also discuss when the Palms might finally reopen.
Let’s get into it!
Las Vegas Casino Companies Fear Domestic Travel Restrictions
For almost a year, the city of Las Vegas has been struggling to bring in tourists. That’s made things extremely difficult for the casino companies operating here. These companies rely on tourists and have seen significant drops in revenue due to their low visitation rates.
Not many expected that tourism would still be low in February of 2021. Despite these company’s best efforts, attracting players remains a difficult task. The global health crisis is far from over and many are unwilling to travel during this time.
There is now a real fear that new rules on domestic air travel may soon be implemented. President Joe Biden recently announced he may order a negative PCR test in order to board any aircraft. This would likely take a devastating toll on the airline industry.
Major tourism hubs would also suffer. Las Vegas is finding it difficult enough to bring in visitors right now. If testing is required within the country, it’s likely that even fewer individuals will decide to make the trip over to this gambling and entertainment destination.
The Las Vegas International Airport continues to see massive declines in the number of incoming travelers. In December of 2020, the airport saw a staggering 60% drop in travelers when compared to the same month in 2019. It’s a difficult situation that no one seems to have an answer for.
Station Casinos has been hit hard by the events unfolding around the world. Unfortunately, it appears this company isn’t quite ready to open one of its most beloved properties.
Station Casinos Chooses Against Opening Palms Las Vegas
Most of the world’s biggest casino companies operate gambling venues in the city of Las Vegas. That includes MGM Resorts, Wynn Resorts, and Las Vegas Sands. Station Casinos has been operating here for decades and owns some of the most popular casino-resorts located off of the Strip.
One of Station Casinos’ most successful venues is Palms Casino-Resort. This company purchased this hotel-casino in 2016 and has worked hard on renovations and improvements. The casino (and all others in Las Vegas) was forced to close down in March and has remained shut down since that time.
Unfortunately, it seems that Palms Las Vegas will remain closed until tourism numbers begin to increase significantly. Red Rock Resorts CEO Frank Fertitta claims restrictions are more intense now than ever before. As a result, keeping properties closed remains the best option.
“I think the Palms is very oriented towards the tourist market visitation to Las Vegas,” Fertitta said. “[We’re working on] getting that business to return to normal. And in the local properties, we’re going to continue to look at how the older demographic response, given the vaccine, and get business back to normal before we do anything unless we’re certain that we can be cash-flow positive.”
Station Casinos is known for its business-first approach towards all of its properties. Officials within the company clearly believe that now is not the time to reopen casinos. This is unlikely to take place until the company can see a positive revenue flow.
Many are disappointed to hear the news. The Palms has been one of the best options for visitors to Las Vegas interested in staying off the Strip. For now, this property and many others will keep their doors closed.
LV Casino Companies Remain Optimistic for Upcoming Tourism Boom
Las Vegas has been the hardest-hit US city, from an economic standpoint, over the past year. An incredible number of jobs have been lost here. Many of the biggest and most powerful companies here continue to see major revenue drops.
There is reason to be optimistic, though. Many believe that as more people around the country receive vaccines, travel will begin to increase. Hope is that summer of 2020 brings about a massive new surge of travelers to the city.
Some incredible new casino-resorts will be opening their doors in this city over the next year, as well. That includes Resorts World Las Vegas. This massive new property is being constructed on the northern area of the Strip. It’s expected to be one of the most impressive casino-resorts ever opened in the city.
The new Virgin Hotel-Casino will also be opening its doors in Las Vegas this year. It’s an exciting move for the Virgin brand. This will be the company’s first foray into the casino industry and it’s clear this property will offer patrons something special.
There’s a chance the Palms Las Vegas will finally open its doors this summer, as well. Stay tuned for updates over the next few months!
Are you surprised to hear the Palms is remaining closed? When do you think this property will open? Let us know in the comments section below.