In a bid to survive the financial turmoil of the coronavirus shutdown affecting 41 properties, Penn National Gaming will furlough 26,000 employees nationwide.
Richard N. Velotta
Assistant Business Editor
Email: rvelotta@reviewjournal.com
Phone: (702) 477-3893
X: @RickVelotta
Richard N. “Rick” Velotta has covered business, the gaming industry, tourism, transportation and aviation in Las Vegas for 25 years. A former reporter and editor with the Las Vegas Sun, the Ogden (Utah) Standard-Examiner, the Arizona Daily Sun in Flagstaff and the Aurora (Colo.) Sun, Velotta is a graduate of Northern Arizona University where he won the school’s top journalism honor. He became the Review-Journal's assistant business editor in September 2018.
Casino companies up and down the Strip are using different strategies to save money where possible in a bid to weather the impacts of the coronavirus pandemic.
When the National Association of Broadcasters made its decision to cancel rather than delay its convention in late April, thousands of laborers lost work.
It used to be that casino CEOs might do a promotional video or appear on camera to promote a resort. Nowadays, it’s more about reassuring employees.
In a memo to licensed sportsbooks in Nevada, permission has been given to take bets on the North American Counter-Strike event that runs through mid-April.
In what will be the last big total for gaming win and taxes collected for a while, the state’s casinos exceeded the $1 billion win level for the third straight month in February.
Las Vegas gaming equipment manufacturer Everi has announced employee furloughs, salary cutbacks and drawing on credit to keep the company secure during pandemic.
Wynn CEO Matt Maddox said Tuesday that he would take shares of Wynn stock instead of his 2020 salary to help the company navigate an uncertain financial future.
William Hill US CEO Joe Asher is donating his salary until sports return to assist his sportsbook employees that have been laid off or furloughed.
JP Morgan gaming analyst Joe Greff says in a report to investors that Wynn Resorts is well-positioned to endure the coronavirus and that its stock is undervalued.
The economic damage that will be inflicted by the coronavirus is hurting tourism economies much more than average locations, an analysis from StratoDem Analytics says.
The American Gaming Association on Saturday said 910 casinos — 92 percent of the total nationwide — have closed their doors in a bid to slow the spread of the virus.
Silverton CEO Craig Cavileer said the property has stayed in compliance with shutdown protocols for the hotel-casino while keeping the 150-room Hyatt Place open.
In a statistics-heavy appeal to the state’s six congressional representatives and senators, association President and CEO Virginia Valentine explained that Nevada would be hurt more than any other state because of its dependence on tourism.
R&R Partners principle Bill Vassiliadis has seen shutdowns and downturns before and expects Las Vegas to come back strong once the coronavirus measures are over.