The times they are a-changin’… yes, even for Las Vegas. In fact, the Chairman of Hard Rock International recently said he believes the entire Vegas business model will need to be altered post-Coronavirus. During his interview with Fox Business, Jim Allen said that he believes visitors will come back to Las Vegas in the long term. And by “long term he means when there is some type of cure or vaccine. Then, he said, “people will slowly graduate back into wanting to come out.”
Mr. Allen believes “that the business model of the casino floor in Las Vegas is going to change and, frankly, everywhere in the country.” “We as human beings like to interact with other human beings so, therefore, I think people going out looking for entertainment will always be part of a business model,” Allen explained.
“There’s no doubt that what has occurred in the regional markets, where by state law many facilities are operating with 50% capacity but frankly doing the same or in some cases more revenue on an individual per unit basis,” he continued. He added that “as far as the overall aspect of entertainment, live music, shows, sporting events, I do believe that once we see some type of cure or vaccine for the pandemic that people will slowly graduate back into wanting to come out.”
You can read more about thoughts on the changes to the Las Vegas business model at Yogo Net.