MGM and Wynn to Close Casinos Amid Coronavirus Pandemic

MGM and Wynn will shutter their Las Vegas operations starting Monday as the coronavirus pandemic continues to spread.
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MGM Resorts  (MGM) - Get Report and Wynn Resorts  (WYNN) - Get Report will both shutter their Las Vegas casinos and resorts starting Monday as the coronavirus pandemic continues to spread its deadly and unprecedented health and economic impact around the world.

MGM said in a statement Sunday that it will shut down all of its casino operations on Monday, followed by its hotel operations. It said it will not accept reservations before May 1.

"It is now apparent that this is a public health crisis that requires major collective action if we are to slow its progression," CEO Jim Murren said in the statement.

"This is a time of uncertainty across our country and the globe and we must all do our part to curtail the spread of this virus." Murren said. "We will plan to reopen our resorts as soon as it safe to do so and we will continue to support our employees, guests, and communities in every way that we can during this period of closure."

MGM Resorts operates a number of Las Vegas properties, including the Bellagio, the MGM Grand, CityCenter, Excalibur, Luxor, Mandalay Bay, The Mirage, New York-New York, Park MGM and T-Mobile Arena.

Wynn, meantime, announced on Sunday that it would close Wynn Las Vegas and the accompanying Encore hotel starting Tuesday "as part of its continuing effort to reduce the spread of COVID-19 (coronavirus)."

The company said it expects the closures to be in effect for two weeks, beginning at 6 p.m. Tuesday, at which point the company will assess the situation.

The Las Vegas closures come more than a month after MGM, Wynn and other casino and resorts operators shut down operations in Macau, an autonomous region on the south coast of China across the Pearl River Delta from Hong Kong.

For its part, Las Vegas Sands  (LVS) - Get Report announced on Sunday that its properties would remain open.

Sands, which operates the Venetian and the Palazzo, said in a separate statement that the company is not considering layoffs or any changes to any of its existing health care benefit plans. 

Shares of MGM Resorts were down 19.51% at $12.42 in morning trading, while shares of Wynn were down 15.77% at $61.08. Shares of Las Vegas Sands were down 13.37% at $42.50.