After reopening Las Vegas properties earlier in June, MGM Resorts International MGM recently announced the reopening dates of several other resorts in the coming weeks. Following this development, the company’s shares inched up 1.3% in after-hours trading on Jun 9.
MGM Resorts will be reopening Luxor and The Shoppes in Mandalay Bay Place on Jun 25 followed with the reopening of ARIA along with the Four Seasons Las Vegas operator Mandalay Bay on Jul 1. The company is also expecting to reopen Excalibur on Jun 11.
However, upon resuming businesses, these properties will operate with limited amenities. Notably, the company will implement a Seven-Point Safety Plan, which is a multi-layered set of protocols and procedures designed in compliance with medical and scientific expertise to mitigate the spread of the coronavirus.
Notably, standalone handwashing stations and physical-distancing protocols will be enforced across the casino floor. The seven-point precautionary agenda also emphasized on employee screening, temperature checks and routine clean-up of guestrooms and public spaces to ensure safety and well-being of the visiting guests as well as the in-house staff. Also, electrostatic sprayers are applied to efficiently disinfect the public spaces.
President and chief executive officer of MGM Resorts, Bill Hornbuckle, stated, "Our guests are having a great time and are thrilled to be back in the city they love. We are eager to get more of our employees back to work and enhance the Las Vegas experience with additional resorts."
So far this year, shares of MGM Resorts have slumped 33.7% compared with the industry’s 18% decline.
Reopening of Resorts to Drive the Top Line
Following the closure of properties in mid-March due to the COVID-19 outbreak, MGM Resorts looks to recover its business with improved traffic and more resort re-openings. Moreover, to support the re-openings, the company followed CDC guidelines to ensure the safety and well-being of its guests and employees.
On May 25, the company reopened Gold Strike Casino Resort in Tunica followed with the reopening of Beau Rivage Resort & Casino on Jun 1. On Jun 4, it restarted Bellagio, New York-New York, MGM Grand Las Vegas and The Signature.
Notably, management intends to ramp up business operations with more resort reopenings in times ahead.
MGM Resorts, which shares space with Caesars Entertainment Corporation CZR, Red Rock Resorts, Inc. RRR and Penn National Gaming, Inc. PENN in the Zacks Gaming industry, has a Zacks Rank #3 (Hold), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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