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Fly News Breaks for February 4, 2020
Feb 4, 2020 | 08:17 EDT
Bernstein analyst Vitaly Umansky notes that the Macau government will be shutting down the casinos for a minimum of "half a month." With casinos already closing restaurants and other services over the past several days in light of tepid customer visitation, shutting down all operations would be easier and potentially allow for slightly more cost savings, he contends. Whatever the details of the temporary shutdown are, the analyst believes Q1 is "obviously going to show awful results." Assuming only a 2-week shutdown followed by some soft business resuming in late February and March, Q1 could show GGR year over year decline of 50%, he adds. Nonetheless, at this stage Umansky sees Macau having a "solid" recovery in the second half of the year, with recovery contingent on the contagion being brought under control and travel into Macau resuming, and China's economy not faltering materially and reducing customer confidence. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN) and Melco Resorts (MLCO).
News For LVS;WYNN;MLCO;MGM From the Last 2 Days
May 27, 2020 | 10:49 EDT
Nevada Governor Steve Sisolak announced last night that the state is ready to move into Phase 2 of its "Nevada United: Roadmap to Recovery" reopening plan on Friday, May 29. "Last week, I set a target reopening date of Thursday, June 4, for our gaming industry. Based on the meeting today and the positive trends in our data, I have informed the Chair of the Gaming Control Board that I feel confident in the June 4th target date," Sisolak said. He added, "I know the Gaming Control Board remains resolute in ensuring that gaming operations in this State do not compromise the health and safety of Nevadans, our employees and our visitors. The Board will issue an industry notice tomorrow setting forth requirements for the resumption of gaming operations in the State of Nevada." Publicly traded companies in the casino space include Boyd Gaming (BYD), Caesars (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN). Reference Link