Boyd Gaming resumed operations at Main Street Station in downtown Las Vegas in September, with the company attributing the decision to reopen the property to ongoing high demand at the neighbouring California and Fremont hotels.
Main Street Station welcomed back guests for the first time since March 2020 at the start of September. Boyd Gaming said it had taken the decision to reopen the property in response to growing demand in downtown Las Vegas.
The Victorian-themed hotel-casino opened for business on 8 September, nearly 18 months after it closed in response to the coronavirus pandemic.
“We are thrilled to announce the reopening of Main Street Station, and to welcome back our team members and guests who have been eagerly awaiting our return,” said Steve Thompson, Boyd Gaming’s EVP of operations.
Boyd executives had previously stated that demand would dictate the timeline for reopening Main Street, together with Eastside Cannery. The decision to resume operations at Main Street comes after Boyd has been “running very busy” at the neighbouring California and Fremont hotels, said David Strow, the company’s VP of corporate communications.
Boyd’s downtown revenue roughly doubled from $21.4m for the first three months of the year to $38.8m for Q2. While revenues for Q2 were down 40 percent on the same period in 2019, the earlier quarter was with all three properties up and running.
Strow noted the company has “seen good business trends” at its other Boulder Highway property, Sam’s Town, “but we’re not yet at a point where we need to open up a second property on the Boulder Strip.”
While Strow emphasised the decision to reopen Main Street was taken based on general demand, as opposed to a specific customer base, the company executives had previously discussed the impact of the pandemic on its Hawaiian business, a key segment for the property.
“Main Street’s future is all about downtown business and the Hawaiian business returning, and Eastside will just depend on volumes,” said Boyd’s president and CEO Keith Smith during a 27 July earnings call.
In parallel with the reopening, the start of September saw Boyd resume its Hawaiian charter flights programme with three flights a week.
“Main Street Station is a landmark of downtown Las Vegas, and its reopening is great for both visitors and locals,” said UNLV hospitality professor Amanda Belarmino, adding that the property is well positioned “to take advantage of fall travel and conventions”.
Boyd posted net income of $113.7m for Q2, compared to a net loss of $108.5m in same quarter of last year. The company reported revenues of $893.6m for the quarter ending 30 June, up from $209.9m for the year-ago period.
“The second quarter was another outstanding performance by our company and our entire team. Our transformed operating model and enhanced capabilities delivered record results as our business continues to strengthen,” said Smith. “On a companywide basis, we achieved record EBITDAR of more than $385m up 66 percent from the second quarter of 2019 and record EBITDAR margins of just over 43 percent.”
