Boyd Gaming Corp. told its roughly 25,000 employees across the country Friday it would pay full-time and part-time workers through April 10.
In a letter from CEO Keith Smith, employees at 29 properties in 10 states – all of whom are out of work after the COVID-19 coronavirus pandemic closed casinos nationwide over the last two weeks – said he wanted every to remain focused on keeping themselves, their family and community safe.
“As we closed our operations across the country, we advised all team members that you would be paid for the first two weeks of your property’s closure through a combination of pay and (paid time off),” Smith wrote in the letter. “Today, I can share with you that Boyd Gaming will continue to pay full-time and part-time team members through Friday, April 10.”
Smith said employees won’t be required to take any additional paid time off to receive the benefit, “however, you must still be available to work during this time if your job is essential, or if we need to prepare your property for re-opening. Additionally, your existing benefits coverage will continue through this period.”
Boyd Gaming CEO Keith Smith
Boyd borrowed $660 million of its remaining credit facility on March 16 to help cover costs during the casino closures. Macquarie Securities estimated Boyd is spending $3.2 million a day to cover its costs and won’t run out of money for a little more than 9 months. Gaming companies have borrowed billions of dollars from their credit lines in the past few weeks.
Smith, who is one of the casino industry’s longest-serving CEOs, taking over the role in January 2008, told employees “these are clearly unprecedented times for our Company and our country.”
In addition to the 29 casinos, Boyd also temporarily closed its slot route operation in Illinois and the company’s Honolulu-based charter service. At the corporate office, Boyd has reduced operations to essential staff only.
“This is a highly fluid situation, and it is too early to determine at what point we may be able to resume operations at each property,” Smith said. “I know that these are uncertain and stressful times. We will reopen for business as soon as state officials agree that it is safe to do so.”
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
