Like most Las Vegas operators, Boyd Gaming has seen a welcome resurgence in revenue in the first half of 2022, but the company affirmed on a recent earnings call that its Eastside Cannery property off of Boulder Highway would remain closed indefinitely, with no plans for demolition at this time.
The property, which features over 60,000 square feet of gaming space and 300 hotel rooms, has remained closed for over two years, since the onset of the Covid-19 pandemic in March 2020. It is one of five Las Vegas locations yet to reopen, three of which—Texas Station, Fiesta Rancho and Fiesta Henderson—have already been tagged for demolition by Station Casinos.
When asked about Station’s recent announcement on the call, Boyd CEO Keith Smith said that he had “no inside knowledge” of the decision, but noted that he was “surprised” by it.
Neither Smith nor Josh Hirsberg, Boyd’s chief financial officer, commented directly on the company’s future plans for Eastside Cannery, but when Truist Securities analyst Barry Jonas asked about it, Hirsberg noted that demand just wasn’t high enough, especially considering the fact that Boyd also operates Sam’s Town Casino, which is next door to the Cannery.
Hirsberg told investors that Eastside “will remain closed” until the company sees “more demand or something else to suggest we should consider reopening.”
Smith, however, affirmed that the property “would not be demolished,” but did not comment on whether Boyd had received offers to sell the casino. When asked about labor shortages, the CEO said that most Eastside employees either left the company or went to work at one of the other 10 Boyd locations in the city.
Boyd first acquired Eastside in 2016, in a $230 million deal that also included the Cannery North Las Vegas property.
