Casino operator MGM Resorts says it will likely rely on ‘drive-in’ traffic in the immediate aftermath of the COVID-19 pandemic.
Thursday saw MGM release its official first quarter financial report, the gist of which was previewed one week ago. In short, revenue was off nearly 30%, earnings were down over 60% and the company would have booked a major net loss were it not for January’s deals involving two of its major Vegas properties.
Speaking of Vegas, MGM’s new CEO Jim Hornbuckle was asked on Thursday’s analyst call about what form the company’s Strip operations will take when Nevada’s governor finally gives casinos the nod to shuffle up and deal. (Gov. Sisolak indicated Thursday that casinos will likely remain closed for the month of May.)
Hornbuckle said MGM would likely open its New York, New York casino first, “because it’s one of our simpler places to run” with around 2,000 rooms. At the other end of the scale, the Bellagio is also on MGM’s opening radar because “we want to be in the high-end business.”