MGM Resorts to Reopen Las Vegas Casinos With Safety Plans
MGM Resorts International MGM recently announced that it will reopen four properties in Las Vegas. It will be reopening Bellagio, New York-New York, MGM Grand Las Vegas and The Signature on Jun 4. MGM Resorts had closed these properties earlier this year due to the COVID-19 outbreak.
However, upon reopening, these properties will operate with limited amenities. Notably, the company will follow a Seven-Point Safety Plan, which is a multi-layered set of protocols and procedures designed in accordance with medical and scientific experts to mitigate the spread of the virus. Moreover, standalone handwashing stations along with social distancing protocols will be enforced across the casino floor. It also emphasized on employee screening, temperature checks and routine cleaning of guestrooms and public spaces to ensure the safety and well-being of its guests and employees.
President and chief executive officer of MGM Resorts, Bill Hornbuckle, stated, "As we plan to reopen our resorts, the health and safety of our guests and employees guide all of our decision-making. Getting many of our employees back to work and welcoming guests through our doors once again will allow us to do what we do best – entertain. We can't wait."
So far this year, shares of MGM Resorts have slumped 45.5% compared with the industry’s 25.5% decline.
Measures to Tide Over Coronavirus
Although the virus has triggered a catastrophe in terms of lives lost and financial impact, the company appears resilient enough to navigate through these uncertain times. Notably, it has taken certain measures to protect business amid this crisis.
This includes a reduction in dividend payouts as well as decreased non-essential spending. The company has an amended credit agreement and raised $750 million in new bonds to preserve cash and maintain ample liquidity to avoid a possible recession due to the coronavirus outbreak.
MGM Resorts — which shares space with Caesars Entertainment Corporation CZR, Golden Entertainment, Inc. GDEN and Penn National Gaming, Inc. PENN in the Zacks Gaming industry — has a Zacks Rank #4 (Sell), at present.
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