The final resort in the Caesars Entertainment empire in Las Vegas could open as soon as the end of the year. During an earnings call on Thursday, Caesars Entertainment CEO Tom Reeg says that the Rio, the off-Strip property, should make a comeback before 2021 starts.
“We opened Cromwell last week. I’d expect to see Rio open before the end of the year,” Reeg says on the call.
The Rio closed in March when the state called for all nonessential businesses including casinos to shut down to prevent the spread of COVID-19. The state allowed casinos to reopen on June 4 at 50 percent capacity with social distancing in place and mandatory masks worn by everyone starting at the end of June.
“So Vegas continues to get better for us,” he says. “We are not going to be talking about shutting properties mid-week, obviously we’re talking about opening additional properties.”
Encore opted to reduce its hours starting on Monday, October 19, and the Park MGM follows suit on November 9. Encore’s restaurants also closed during the week, while the Park MGM decided to keep its dining venues open.
Overall, Reeg says Caesars Entertainment sees around a 60 percent occupancy rate. “We’re running in the mid 50s on weekdays now and weekends we’re well into the mid to high 90s,” he says.
Overall mid-week hotel occupancy in Las Vegas in September reached 39 percent, down 47 percent from the same month in 2019, according to the Las Vegas Convention and Visitors Authority. Weekend occupancy was at 66 percent, down 30 percent from September 2019.