As there is no definitive reopening date for casinos in Las Vegas, the Venetian Las Vegas has decided to cancel all reservations through May 31.
The property also announced that Las Vegas Sands, which owns the Venetian, will continue to pay its 9,300 employees through May 17.
Sheldon Adelson, casino magnate and billionaire CEO of Las Vegas Sands, says the pandemic is “unlike anything” he’s ever seen throughout his business career.
But while the situation has been testing and unique, to say the least, he assured Sands team members that the company is focused on their health and safety first and foremost, and on supporting each of its host communities in Macao, Singapore, and Las Vegas.
Adelson, in a company letter, expressed his pleasure at announcing the company-wide decision to extend all employee benefits and pay until at least May 17.
He added that his leadership team will continue to monitor the situation closely and keep employees informed of any new updates that come through.
Helping Out Employees in Any Way They Can
The Las Vegas Sands company is among two major casino companies in Clark County who promised to pay its workers through the shutdown. The other company is Wynn Resorts.
Adelson advised that the company will also be covering emergency pay for nearly 1,200 workers that span across 14 different restaurants inside of the Venetian. The way the company is covering emergency costs for salaried employees while providing weekly stipends to hourly and part-time employees.
Las Vegas Sands President and COO Rob Goldstein, said the company is doing the best they can to help out team members and extended family during these difficult and unprecedented times. Saying that this is the time when “we all have to step up.”
Las Vegas Sands Helps Out The Community, Too
On April 1, Las Vegas Sands made out a massive donated of over two million pieces of personal protective equipment, items that are among the most desperately needed throughout this pandemic.
They gave one million medical masks to the country’s coronavirus epicenter, New York City, and one million masks to healthcare facilities throughout Southern Nevada.
They also donated 20,000 protective suits across Nevada’s healthcare industry as well.
Not only were they generous in donating these valuable medical supplies, but Sands has also contributed $250,000 to various local organizations in the community.
Those vital organizations include Three Square, which is Southern Nevada’s largest hunger-relief organization, and Communities in Schools, which provides a way of giving meals to underprivileged students.
They’ve also donated to Share Las Vegas, which is a local program offering assistance to veterans.
Las Vegas Sands Suspends Dividend Program
While Las Vegas Sands has been extremely generous to its workers and the local community throughout this period of economic downfall, it’s also had to come up with a way to offset those economic losses caused by the pandemic.
On April 17, the company announced its decision to suspend its dividend program as a means of holding up the company balance sheet, which will, in turn, add long-term stockholder value.
Adelson is optimistic about the company’s decision to suspend its dividend program, saying that many strategic opportunities will come out of it once the virus is a thing o the past.
Currently, Las Vegas Sands has over $4 billion in cash on its balance sheet.
Eager for the Las Vegas Strip to Return
The Venetian, along with other mega-resort-casinos on the Las Vegas Strip, is eager to reopen their doors once it’s safe to do so and Gov. Steve Sisolak gives the green light.
We’re unsure exactly when that date might be, as the Governor recently released a phased reopening plan which calls for the close monitoring of COVID-19 cases and hospitalizations for the next 14 days.
Should those numbers be on the decline, the state can move onto Phase One of reopening.
The Las Vegas Strip will likely look a lot different once it’s reopened, with many casino executives discussing their ideas of coronavirus safety measures.
Some of those measurements include thermal screenings of guests and social distancing guidelines on casino floors.
It’s currently a waiting game to see when Las Vegas will return, but we’re confident that when it does, the proper measures will be put into place.
We know one thing for sure, we’re eager to get back to a pre-COVID-19 world and look forward to welcoming guests back to Las Vegas.
How much longer do you think the shutdown in Nevada will last? Share your thoughts with us in the comments below!