It’s been more than three months since Governor Sisolak began allowing casinos in Nevada to reopen. Nearly all of the major casino-resorts in the city of Las Vegas are now operational. News is now coming out that the reopening of Park MGM is taking place next month.
Park MGM is one of the newest hotel-casinos to open on the Las Vegas Strip. Many are excited to see this property up and running again. Today, we’re going to talk about what has led to this casino finally getting back on track.
Let’s get into it!
How is Casino Revenue Looking in Nevada Right Now?
The past six months have been the most unusual in the history of the casino industry. As most are aware of, all major casinos across the United States were forced to close their doors back in March. Most are now open, yet revenue earnings fluctuate from state to state.
Over in New Jersey, revenue earnings have been low. Casinos here weren’t able to open back up until July. Even with regulated sports betting and online casinos, gambling revenue has been significantly lower here than it was in 2019.
Things are different in Ohio. This state also started to allow its gambling venues to reopen in July. Analysts were torn on whether or not the casinos here would become successful after reopening. Incredibly, Ohio’s gaming revenue actually hit record levels in July.
Nevada’s casino revenue has been the center of major discussion over the past couple of months. Casinos were given permission to reopen here in June. As the months go on, revenue seems to be increasing here. Unfortunately, tourism rates remain low in major gambling cities such as Las Vegas.
Casino companies are certainly feeling the effects of this drop in tourism. Interestingly, most major casino-resorts are now open in Las Vegas. Only one of the big casinos on the Strip has remained closed. We’re now starting to hear about when this property will reopen.
The Reopening of Park MGM is Taking Place in October!
Las Vegas is filled with historic gaming properties. Many of them are located on the Las Vegas Strip. Back in 1996, The Monte Carlo Resort and Casino opened its doors on the Strip and for a time, was a major success. The property went through several renovations over the years and rumors of its rebranding began to surface around 2016.
These rumors ended up being true. In 2018, the Monte Carlo officially became Park MGM, named after the nearby dining and entertainment area. The property was improved and visitation rates here quickly started to increase.
Like all other casinos, Park MGM was closed back in March. Unlike many other casinos, however, this venue has remained closed over the past few months. Fans of this casino have been asking when it would finally begin accepting guests again.
An update on the reopening of Park MGM has just come out. MGM Resorts sent out a press release that claims this venue will open its doors sometime in October.
“With the reopening of Empire City on Monday, September 21st, MGM Resorts will have reopened all of its domestic properties, with the exception of Park MGM and Four Seasons in Las Vegas, following temporary closure earlier this year amidst the COVID-19 crisis,” the statement reads. “Park MGM is expected to reopen within the next 30-45 days.”
It’s exciting news for gambling fans around the country. Park MGM has developed a huge fan base over the years. Many are also excited to see that all major casino-resorts are now open on the Las Vegas Strip.
We’ll be sure to report on any more updates over the next few weeks!
Will MGM Sell Any of Its Las Vegas Casinos?
As we mentioned earlier, the land-based casino industry has been taking a serious hit this year. That’s especially true in Nevada. Some of the largest casino companies in the state are now being forced to take new measures to generate revenue.
One of those measures include casino closures and sales. Caesars Entertainment recently sold one of its major casinos in Louisiana. It’s one of many casino sales the company has already made this year.
Station Casinos has opened all but four of its casinos in Nevada. Unfortunately, it appears the four casinos that haven’t reopened will never open to the public again. Company officials recently confirmed these rumors to the media.
Some are now asking whether or not MGM Resorts will be forced to sell some of its casinos. This company was one of the first to reopen its casino-resorts in Las Vegas. With revenue earnings still fairly low, some feel that selling casinos could be the best strategy moving forward.
There is still no indication that MGM plans to sell any of its major casinos, though. Officials within the company are instead focused on other ways to cut down on costs.
Are you happy to hear about the reopening of Park MGM? Do you plan on visiting Las Vegas before the end of the year? Let us know in the comments section below!