Encore starting to roll again

FEBRUARY 25: Encore Boston Harbor Casino is starting to back in the game after a year of pandemic restrictions. (Photo by Jim Mahoney)

Renewed energy at the casino as gamblers flock back

By JOSH RESNEK

The difference between January and February’s revenues at Encore was about $3 million more with February marking an upbeat moment in what has been a dismal year.

Weekly visits to the Encore by this writer, and a variety of people the Leader Herald has spoken with, indicate a change of feeling.

“We can really feel a difference in energy,” said an Encore employee who is part of the crew meeting visitors to the casino front door.

“Since the hours changed, things have been getting busier and looking up,” he said.

Encore has gone through the equivalent of a catastrophe here, in Las Vegas and in Macau, where total revenues combined were down a whopping 70% in 2020.

In fact, despite being up 176% in revenues in February in Macau, the revenue figures remain dramatically down for the year.

Macau is responsible for 75% of Wynn Resorts’ revenues.

Continue reading Encore starting to roll again

Encore coming to life

Revenues start to recover, Wall Street bullish on casino industry

By JOSH RESNEK

Encore is revving up.

The return to 24/7 gambling hours at the casino and the reopening of the hotel led to higher revenue figures in January.

In addition, Wall Street’s bullishness on gaming stocks, and in particular Wynn Resorts, led to a respectable run.

Wynn’s stock price closed at $126 a share Tuesday, outperforming all other gaming stocks on the major exchanges.

Analysts nearly all agree – the pent-up demand to experience again the excitement of casino venues is much more to bet on in the future than the depressed earnings reports for the past year.

In other words, when the virus is finally under control, whenever that time arrives, the casinos and their hotels will once again flourish.

Continue reading Encore coming to life

Stock exchange

Encore Boston Harbor casino as seen from Linden Street (Photo by Jim Mahoney)

Wynn Resort execs cash out million$

By JOSH RESNEK

It is rarely a good sign of things to come when the top executives of a major company are selling off multi-million dollars’ worth of their stock.

Wynn CEO Matt Maddox sold 59,000 shares within the last two weeks.

He received approximately $6.3 million when the transaction settled.

Vice-President Elaine Whittemore has sold hundreds thousands of dollars of her stock recently, as well in a number of transactions recorded with the Securities and Exchange Commission.

In both cases, the executives sold stock they were given by the company in lieu of salary because of the consequences the epidemic has caused for the worldwide gaming giant founded by Steve Wynn.

Maddox still owns 394,549 shares of Wynn stock.

He was paid a total of $18 million in cash and equities by Wynn Resorts in 2018.

In fact, the sale of the Maddox shares is not believed to be a lack of confidence in the company, but rather, his effort to compensate himself for salary he did not receive during the year.

Continue reading Stock exchange

Wynn Resort’s Maddox optimistic about Encore’s future

MADDOX

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.

Continue reading Wynn Resort’s Maddox optimistic about Encore’s future

Wynn battling catastrophic restrictions, Encore hours cut, Vegas, Macau hit hard

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.

Continue reading Wynn battling catastrophic restrictions, Encore hours cut, Vegas, Macau hit hard