Wynn Resort Limited (NASDAQ:WYNN) CEO Matt Maddox has called for the reopening of the economy from next month almost a month since the Las Vegas Strip went into lockdown. Like in most cities the social distancing and shelter in place measures to combat the spread of the coronavirus caused unprecedented closure of several businesses.
Wynn CEO calls for the incremental opening of the economy
Matt gave an opinion that was published in The Nevada Independent on Sunday night asking the state’s Governor Stephen Sisolak to reopen Nevada’s economy. he added that Nevada’s economy has been struggling and it is among the worst-hit states in the country. He further went on to outline an incredible plan about the reopening in what he called incremental reopening that entails wearing of masks, increasing the testing of cases as well as proper monitoring. Matt also emphasized that social distancing should be adhered to and be enforced.
According to Matt, the incremental reopening will give room for a pullback should the number of cases spike which could jeopardize the healthcare system’s capacity. but he says that everything should be done one step at a time and it won’t be bad if they tried. He suggested that he is willing to take chances but if the worst happens then they can recalibrate.
The shutdown has cost Wynn Resorts $180 million in two months
Wynn Resorts became among the first resorts in Las Vegas to shut down because of the coronavirus. When the resorts closed all its 15,000 employees were asked to stay home and were to receive payment of 60 days’ work.
The CEO in his plea to the Governor noted that the cost of the shutting down of the businesses and the decision to pay employees for two months had cost the company around $180 million. Wynn Resorts closed their casinos two weeks even before the stay-at-home order was issued in Nevada. Nevada issued the stay at home directive weeks after several states across the US had imposed the directive with all businesses closing except for essential services.