Most of the major casino-resorts are up and running again. Unfortunately, tourism rates in the city remain far lower than usual. This is taking a serious toll on casino companies here. This week, news broke that the Encore Las Vegas is now closing for three days a week moving forward.
It’s an interesting development, and one that shows how difficult things are in this city right now. Today, we’re going to look at exactly why Wynn Resorts is making this decision. We’ll also talk about when the situation in Las Vegas will improve.
Let’s get into it!
Las Vegas is Taking Longer to Recover than Many Predicted
When the casinos shut down in Las Vegas this past March, no one knew how long they would remain closed. It was an unprecedented situation for the world’s biggest gambling destination. The city’s casinos were never closed down for such an extended period of time.
Obviously, casino companies here wanted answers on how long these regulations would remain in place. Officials within these companies began working with state leaders to formulate reopening plans. Finally, in June, Governor Sisolak started allowing the state’s casinos to reopen.
Things haven’t immediately bounced back here. Instead, Las Vegas has seen a slow, gradual recovery. Tourism rates appear to be increasing here and casino revenue has risen with each passing month.
This city is still hurting, though. Both tourism and gaming revenue remain far lower this year than what was seen in 2019. It’s costing casinos a massive amount of money and some of the smaller ones in the city will likely close down permanently.
Each casino is taking its own approach to this situation. The goal for these properties seems to be attracting in new players. Obviously, this is proving to be difficult with the way things are going right now.
It now appears that Wynn Resorts has found a new way to save money.
Encore Las Vegas Announces New Opening Days and Times
Historically speaking, Las Vegas is known as a city that doesn’t sleep. Hotels, casinos, and bars are known for being open 24 hours a day. Part of this non-stop image has helped Las Vegas become one of the most popular tourist destinations in the world.
This is beginning to change, though. Many hotel-casinos have seen their visitation rates plummet this year. As a result, some of them have been forced to adjust their opening dates and times to save money. There’s no point in keeping things open when no one is around!
That’s exactly the approach that Encore Las Vegas is now taking. This week, Wynn Resorts announced that this popular casino-resort will only be open Thursday through Sunday beginning on October 19th. The venue will close its doors on Monday at noon and reopen at 2 pm on Thursdays.
It’s an interesting, yet somewhat unexpected move for this casino company. These new operating hours are set in place indefinitely “until consumer demand for Las Vegas increases.” Some analysts predict that tourism rates will actually decrease even further around winter.
Fans of the Encore Las Vegas will now need to adjust their reservations accordingly. The Wynn Las Vegas, however, will keep its normal operating schedule. The poker room inside the Encore will be moved to Wynn Las Vegas until further notice.
Hope is that this popular casino-resort will get back to its normal operational schedule before long. We’ll continue offering updates over the next few weeks!
Where is Wynn Resorts’ Stock Price Moving Right Now?
Over the past seven years, we’ve seen casino stock prices fluctuate massively. When the casino industry shut down, these prices plummeted. As these casinos reopened, stock prices have gradually increased.
Of course, there have been a huge number of fluctuations in these stock prices. Some companies seem to be faring better than others. Several massive deals have also been completed this year that affected stock prices.
Not long ago, a prominent fund manager spoke about the future of Wynn Resorts’ stock. He believes that the company’s share prices can double within the next year. Much of that is due to the company’s operations in Macau.
Prior to 2020, Wynn Resorts was earning nearly 70% of its revenue from Macau. Unfortunately, the Chinese territory has been struggling immensely this year. Travel restrictions to Macau were recently lifted, however, and many now believe the casinos here will see a surge in tourism and revenue.
It will be interesting to see if this prediction ends up being correct. Wynn Resorts is one of several major US casino companies hoping to see a massive increase in revenue from Macau.
Are you surprised to see the Encore Las Vegas close for three days a week? When do you expect things to return to normal in Las Vegas? Let us know in the comments section below!