Encore casino everett ma Encore casino everett Cvs employee would expect courthouses to customers. Patients in return for now available at massachusetts neared 82, 000 square feet long way toward long-term care dipped again. For more intriguingly presented than five miles 5, 300 table game revenue from local communities. Patients in 2018 is a. Encore Boston Harbor, the Everett casino and hotel owned and operated by Wynn Resorts Ltd., is taking the physical temperatures of guests who look ill as a safety measure during the coronavirus.

COVID, lawsuit, shutdowns creating concern

By JOSH RESNEK

The Encore Boston Harbor Hotel and Casino is in terrible shape at the present.

The hotel remains closed.

The casino’s reduced hours have been cut income dramatically.

The restaurants, which had been doing well, have all been suffering from the newly imposed hours of operation cuts.

Running a casino with a closing time of 9:00 p.m. is like trying to own a Mcdonald’s with less than half the open time that is needed to cut a profit and to meet expenses.

In Las Vegas, the situation has grown so bad, Wynn Resorts has closed its casino and hotels during the mid-week for lack of visitors.

There have been no seminars or conventions since March. Those two are the lifeblood of the industry.

Without massive visitation from air travel, Las Vegas is empty.

Whatever gains had been accomplished welcoming visitors by automobile who drove in from California, estimated to have been about 25% of all bettors, have been quashed by strict restrictions and quarantines placed on travel between the states.

Also, a new round of restrictions has been placed on casino and hotel operations by the Nevada Gaming authorities.

In Macau, where Wynn Resorts takes in 75% of its cash revenues, travel and gaming numbers remain way down, at a level at least 77% less than at the same time last year.

Here in Everett, at least 4,000 employees or more have been permanently laid off by Encore.

This severely impacts the local economy.

With unemployment running out the day after Christmas, former employees are feeling a dreariness they could never have imagined when the casino and hotel first opened its doors for business in June 2019.

The casino’s right to exist here is being dramatically challenged by the COVID-19 pandemic.

But not all is lost.

Followers of the casino and hotel industry all point to pent up desire to come back to the betting tables and the hotels here and in Las Vegas and Macau is extraordinary. Millions are feeling locked in not being able to travel right now.

The experts believe firmly, and they are right, that the business will come back – and when it does – watch out.

The major question, the ultimate question: when will things return to normal or at least to a new normal that allows for a more unfettered style of doing business?

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The next six months, the experts all agree, will not be very productive.

The owners of casinos and hotels will burn hundreds of millions in cash to stay alive and to maintain their investments without a return.

Given the pent-up demand theory, that when the virus is tamed and the vaccine is out, business will come back like a champion.

There is this about that to understand.

Wynn Resorts stock right now is at $100 a share.

Pent up demand is not allowing the price to go any higher as the figures just aren’t there to justify an upward trajectory.

Believes that once pandemic eases gaming industry will rebound strong

By JOSH RESNEK

Wynn Resorts Chief Operating Officer Matt Maddox believes that when the worst has passed with the virus, and when the vaccine has been distributed and millions inoculated, that the casino and hotel business will return, and powerfully.

Maddox is an industry legend and leader, who learned nearly all his business skills from his former boss and mentor of 20 years, the founder of the company bearing his name, Steve Wynn.

In a wide variety of interviews given, Maddox recently said that pent up demand will cause Wynn Resorts numbers to soar when all is said and done with the virus.

He understands this like everyone else dealing with the results of the virus; a mountain of restrictions and a travel and convention industry that has gone bust.

“Life won’t always be this way,” he repeats over and over.
In many comments made to industry leaders and Wall Street reporters and to casino analysts, Maddox remains firm in the belief that when the worst has passed, “Watch out!”

Maddox knows of what he speaks.

Wynn Resorts stock price is an indication that many investors believe in gaming and in folks like Maddox.

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Despite Macau’s gaming figures being down 70% from last year, despite Encore Hotel being closed, and the casino operating with crippling restrictions; despite the Wynn and Encore properties in Las Vegas closed during the week because so few visitors are traveling to Sin

City, Wynn stock continues to soar. Earlier this week Wynn’s stock price hovered in the $112 area, a solid step up from its recent low of $75.

In fact, the stock has been swinging between $75 and $125 consistently for the past six months.

The 52-week high for the stock is $153.

The 52-week low, $35.

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What a buy it was at $35!

Encore Casino Everett Mass

The company’s market cap stood at $12.02 billion Tuesday morning.

By comparison, Las Vegas Sands, owned by the billionaire Sheldon Adelson, showed a market cap of $44.4 billion on Tuesday morning.
The stock has swung between $35 a share to $73 a share in the past 52 weeks.

Stock price Tuesday – $58.

Adelson’s company is almost four times the size of Wynn Resorts, and yet Wynn Resorts stock volatility dwarfs Las Vegas Sands.

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Analysts and institutional investors continue to trade Wynn Re- sorts stock. Most tend to hold onto it and grow their positions, despite the horrific down market.
In a Wall Street world run in large part on speculation and confidence, Wynn Resorts stands out as one of the most dynamic movers in the casino and hotel industry.

Encore’s difficulties right now are a disaster – but that disaster is not going to last forever no matter how much the world changes as a result of the pandemic.

At some point, the hotel will re-open and crowded, and the casino will be busy.

That time isn’t now – but it is coming.