Wynn Resorts Ltd (WYNN)

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On the other hand, restaurant revenue in suburban locations has remained OK, Fertitta said. Regional casinos have been less impacted than ones in Las Vegas, according to Fertitta, who owns the Golden Nugget Casino and Hotel brand.

“The regional casinos are OK because you’re staying local, but then you get into Vegas — and Vegas is really starting to slip now,” said Fertitta, who also owns the NBA’s Houston Rockets.

https://www.cnbc.com/2020/03/06/tilman-fertitta-restaurant-sales-down-1-million-daily-due-to-covid-19.html?

Published Fri, Mar 6 20204:02 PM


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Sales in China are still ‘bad’

Daily life in China is beginning to improve as new cases of the coronavirus begin to decline, Fertitta said.

However, he said his business in the country can still be summarized in one word: “bad.”

The Beijing location of Morton’s The Steakhouse was recently able to reopen, Fertitta said, but something happened for the first time in his roughly 40 years in the restaurant business.

“We opened a restaurant and the sales for the day were zero,” he said. “Everything is getting better, and I think it’s a good lesson for us to learn. We do hear from our people in China that things are getting better, but people are still not moving out freely like they did before.”