Nevada Gaming Commission Approves New Leadership for Virgin Hotels Las Vegas
The Nevada Gaming Commission (NGC) has approved new leadership for Virgin Hotels Las Vegas, signaling a shift in the management of the casino amid ongoing challenges. Most notably is the continuing strike from union workers that doesn't seem to be going away.
The sign outside the entrance to Virgin Hotels Las Vegas. (Source: Virgin Hotels)
LISTEN TO THIS ARTICLE:The decision, made on Thursday, paves the way for C&C 4455 LLC to take over operations from the previous gaming operator, Connecticut-based Mohegan. The new leadership team consists of Cliff Atkinson as CEO and Chad Konrad as CFO, both of whom have existing roles at the hotel.
Related: Virgin Hotels Las Vegas Instability Heats Up amid Takeover TalksThe transfer of casino operations is expected to be finalized by the end of March. Virgin Hotels Las Vegas, owned by the British-based Virgin Group alongside an investment management firm and a Canadian pension fund, has faced significant hurdles since its $400 million renovation and reopening during a particularly challenging period for Nevada's economy.
The ownership structure will remain intact, with JC Hospitality continuing to serve as the landlord's operating company. Atkinson and Konrad's partnership aims to revitalize the property and address longstanding issues.
Atkinson explained to the NGC that the previous arrangement with Mohegan Sun failed to meet expectations, leading to the tribe's decision to terminate the partnership earlier this year. This prompted the formation of the new operating entity, which intends to maintain jobs and reinvigorate the property through strategic initiatives.
Plans include launching a new loyalty program, introducing a sports-betting operation, and revitalizing entertainment and dining offerings. Atkinson emphasized the importance of the casino within the broader effort to transform the property into a more dynamic and appealing destination.
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A Continuing Work in Progress
The property has undergone significant financial restructuring in recent months, including a move from a Hilton-managed property to a Hilton franchise agreement. Atkinson noted that these adjustments were crucial steps in the broader turnaround strategy.
Atkinson also described the approval of the new leadership structure as one of the final pieces needed to ensure forward momentum for the property. The property's location, roughly one mile from the Las Vegas Strip, has been identified as both a challenge and an opportunity, with new marketing approaches focusing on its proximity to Harry Reid International Airport and other nearby attractions.
NGC Commissioners expressed optimism about the new leadership and the proposed strategies. George Markantonis praised the well-thought-out plan and commended the management team for embracing the property's unique position off the Strip. Brian Krolicki acknowledged the challenges faced by the property over the years but highlighted the importance of efforts to save jobs and build on the venue's potential.
Entertainment will play a key role in the property's revival, with Atkinson citing partnerships with AEG for theater programming and additional venues hosting live acts, including residencies and cover-free music events. These entertainment offerings are central to attracting visitors and driving revenue growth.
Konrad, who has spent 25 years in various financial roles at the property, expressed confidence in the team's ability to navigate the transition. He emphasized his and Atkinson's shared passion for the property and their belief in its potential to succeed under the new leadership structure.
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