Las Vegas Gambling Industry Struggles Amid COVID-19; Dan Bilzerian Joins Online Casino

The gambling industry in Las Vegas is facing significant challenges due to the COVID-19 pandemic. Four Station casinos might stay shut permanently, as reported by the Las Vegas Sun. Frank Fertitta III, CEO of Red Rock Resorts, the parent company of Station Casinos, stated that the decision to reopen closed properties is too early to make. “We don’t know if or when we’re going to reopen any of the closed properties. We think it’s too early to make that decision.”

The situation is grim for Wynn Resorts as well, with a Q2 loss of $637.6 million. The company's resort in Macau is also struggling. CEO Matt Maddox is hoping for fast, accurate testing that can be done for small groups to allow the convention side of the industry to reopen and prop up the whole business.

In contrast, Ohio casinos posted record profits totaling $86 million. Jessica Franks, a spokeswoman for the Ohio Casino Control Commission, suggested that this might be due to Detroit's remaining closed until very recently. Despite the struggles in Las Vegas, casinos that don’t rely on tourists seem to be doing better. MGM is losing money but has attracted a ten-figure investment from InterActive Corp, which purchased a 12% stake worth close to $1 billion, seeing potential in the online market. Barry Diller, owner of IAC, told shareholders: “MGM presented a ‘once in a decade’ opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with great potential to move online.”