Boyd Gaming May Only Reopen 7 of its 10 Properties Once Shutdown Ends

California Hotel Las VegasBoyd Gaming Corporation, who owns 10 properties across the Las Vegas valley and 29 properties nationwide, may not be reopening its three downtown properties right away once Governor Sisolak lifts the shutdown order on casinos in Nevada.

Since downtown Las Vegas relies heavily on tourism, Boyd’s three down properties, California Hotel, Main Street Station, and the Fremont Hotel, may most likely have to wait until tourism starts to ramp back up downtown before they can open their doors to the public again.

Boyd’s California Hotel, for one, relies heavily on Hawaiian tourists for business. Las Vegas is also referred to as the “Ninth Island” for many who either visit from the state or have come to make Las Vegas their home. California Hotel gears its marketing specifically toward its Hawaiian crowds, with specific cultural events and dining options.

Boyd Properties Rely a Large Percentage of Business on Local Retirees

Just a couple of weeks ago, Boyd Gaming’s CEO Keith Smith said he believed that local casinos could be the driving force behind Las Vegas’ rebound.

According to Smith, the last time Las Vegas experienced an economic downfall was the recession period between 2008-2009, and what that situation proved was that the Strip didn’t refuel the locals market.

Although Strip properties were able to rebound quicker during the 2008 financial crisis, Boyd Gaming Corp. doesn’t see the same thing happening with the pandemic causing more worries to arise in travelers.

With confidence in air travel wary amid the coronavirus pandemic, the local market could very well prove to be Las Vegas’ saving grace once casinos reopen soon.

Boyd’s properties outside of downtown Las Vegas, including The Orleans, Gold Coast, Suncoast, Aliante Casino, Eastside Cannery, Cannery, and Sam’s Town, rely heavily on local retirees for their business.

“Those retirees didn’t have a job before this started, don’t have a job now. They still have their income,” Smith pointed out.

Local Gamblers Will Want to Return Once Casinos Reopen

With many Las Vegas residents having cabin fever due to stay-at-home orders, especially retirees without work, it’s predicted that many will want to drive down to their nearest local casino once they’ve been given the green light to reopen.

The local market will be vital in Las Vegas’ economic rebound, as it’s unsure how the Strip properties will do, especially since their business relies heavily on out-of-state and international visitors.

Boyd properties, on the other hand, doesn’t see much visitation from international guests.

Josh Hirsberg, Boyd’s executive vice president and CFO, pointed out that people aren’t going to want to travel. He believes that most people are just waiting to get back to “normal life,” or what they considered to be normal before the coronavirus hit.

Hirsberg said that for the locals market, that returning to normal can happen “pretty quickly” with Boyd’s properties.

Boyd Gaming Experiences 18% Revenue Drop in First Quarter

It’s no surprise that Boyd Gaming and other casino operating companies have experienced big revenue drops in the first quarter due to the pandemic.

According to preliminary results, Boyd Gaming’s revenue dropped 18 percent to $680.5 million for 2020’s first quarter.

Even with the revenue drop, CEO Keith Smith believes the company is in a good position to sustain itself throughout the shutdown. The company even plans to come out on the other side “more efficient” and “operationally-focused.”

In an effort to save on payroll costs, Boyd furloughed many of their team members. A common move for casino properties in Las Vegas to combat the economic downfall caused by the closures. Company executives are also expected to see “significant salary reductions.”

Stay Tuned

It will definitely be interesting to see what happens when casinos reopen in Las Vegas. In the same fashion as Boyd Gaming, casino operators on the Strip are also planning on not reopening all of their properties at once, such as Caesars Entertainment and MGM Resorts.

Whether downtown Las Vegas will take a while to rebound or not is something we’ll have to wait and see about.

Do you think tourism will return once casinos reopen in Las Vegas? Share your thoughts with us below!

Las Vegas Suncoast Hotel Land is Going Up for Sale

The Suncoast Hotel & Casino is one of the most popular venues in the city for locals not located on the Las Vegas Strip. It’s continued to generate revenue over the years, despite its less-than-desirable location. Interestingly, the land that the Las Vegas Suncoast Hotel sits on is going up for sale.

Las Vegas Suncoast Hotel

Not many predicted that this casino’s land would be sold. On the surface, it looked as if this gambling venue was outperforming many others in the city. Here’s what we know right now.

About the Las Vegas Suncoast Hotel & Casino

All the way back in 1998, Michael Gaughan announced plans for a $145 million project. It was revealed that this casino-resort would be constructed in the northwest area of Las Vegas, on the corner of Rampart Boulevard and Alta Drive. In 1999, the project was officially named Suncoast.

Construction began in late 1999 and was eventually wrapped up in mid-2020. The final cost of the Suncoast was $185 million.

This venue opened its doors to the public on September 12th of 2000. It was expected that 90% of the visitors would be Las Vegas locals. Visitors here were given access to the casino’s 78,000 square foot casino floor featuring 48 table games and hundreds of slots.

In 2016, Boyd Gaming partnered with Miomni to begin offering online sports gambling options to customers.

This gambling venue was won numerous awards over the years. In 2002, it was given the “Best of Las Vegas” award for having the best electronic poker gambling options. It attracted many visitors and gained a reputation as a true locals hotspot.

To the surprise of many, the Las Vegas Suncoast’s land is now going for sale.

Land Surrounding Suncoast Hotel is Going for Sale

Boyd Gaming, the company that took control of the Suncoast in 2004, has confirmed that the land surrounding this hotel-casino is officially going up for sale. Company officials are maintaining that they will continue to operate the casino.

Eric Carlton, an executive at real estate firm Colliers International, spoke about this land going for sale to the media this week.

“The Suncoast land is 49.13 acres in the highly coveted master planned community of Summerlin and presents a once in a lifetime generational opportunity,” according to the property listing on Loopnet.”

It’s important to note that only the land that this casino sits on is going for sale. The gambling venue itself is not being sold. Owners of this land are simply looking to cash out. According to Fox 5 Las Vegas, the asking price is $87 million.

It’s very likely that several companies will bid for this land. Buyers of this property will gain a fee title and could acquire up to $60,000 in annual rent.

Other Great Las Vegas Casinos for Locals

Las Vegas is home to a huge number of small casinos that are visited primarily by locals. The majority of these venues are located off the Las Vegas Strip. Perhaps the best casino for locals in the Red Rock Casino Resort.

Red Rock is owned by the Fertittas and is one of the coolest resorts in the city. It features more than 118,390 square feet of gambling space and a hotel with 830 rooms. There are enough gambling options to keep even the most hardcore gambler busy for days.

The South Point Casino & Spa is another Las Vegas gambling establishment that’s beloved by locals. There’s a fantastic casino here offering all of the gambling options you’re looking for. The hotel is fantastic and affordable, as well.

The Las Vegas Suncoast hotel remains one of the best venues for locals to gamble at. The land that this casino sits on is officially going for sale, yet it’s unlikely to have any major impact.

Stay tuned for more Las Vegas gambling news over the next few months!