Social distancing protocols and public health policy due to the COVID-19 coronavirus pandemic have led gaming companies to reschedule their planned annual shareholder meetings onto a virtual platform.
Las Vegas-based regional casino operator Boyd Gaming is the first company to hold its discussion with shareholders via an audio webcast on Thursday. On April 30, real estate investment trust VICI Properties will hold its annual meeting through the Internet.
MGM Resorts International and MGM Growth Properties plan to hold their annual meetings virtually on May 6.
Las Vegas Sands Corp. has scheduled its annual meeting for May 14 at the Venetian in Las Vegas but told shareholders it may switch to a virtual format.
“Although we intended to hold the annual meeting in person, we are monitoring the protocols that federal, state and local governments may recommend or require in light of the evolving coronavirus pandemic,” the company said in its proxy materials.
Las Vegas Sands said it “may impose additional procedures or limitations on meeting attendees,” or could decide to hold the meeting over a virtual-only format.
Nevada Governor Steve Sisolak has imposed stay at home orders on the state’s residents through April 30 and extended the closure of non-essential businesses, schools, and the casino industry through the same date. The state’s gaming industry has been shut down since March 18.
Attendance at live shareholder meetings has always varied depending on the company. Smaller casino operators and manufacturers might only draw a few shareholders. The large companies have been known to draw several hundred stockholders, where any shareholder is able to ask questions of the board and CEO.
The meetings are typically open only to shareholders of record on a certain date.
That same rules apply, only via a web-based platform. Shareholders will be able to gain access via private passcodes found on proxy individual proxy cards.
“The company has designed the format of the annual meeting to ensure that stockholders are afforded the same rights and opportunities to participate as they would at an in‑person meeting, using online tools to ensure stockholder access and participation,” Boyd Gaming said in a statement.
Both Boyd and VICI are asking shareholders to supply questions in advance and are providing various online formats. There won’t be a video component attached to the virtual annual meeting.
“Although the annual meeting will be held in a virtual meeting format this year, the company remains committed to its philosophy of stockholder engagement and intends to return to an in-person meeting format for future annual meetings under normal circumstances,” VICI said in a statement.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
