I never thought in my life that I would wake up one day and basically in 48 hours we end up with no shows, no revenues. Are Brexit trade negotiators closer to solving a slippery issue? Steve Sisolak (D) allowed casinos to begin reopening June 4 but said he will delay moving into Phase Three of reopening after Nevada recently experienced an upward trend in the number of coronavirus cases. Las Vegas casinos rely heavily on marquee entertainment to attract guests to their properties. Cancellations led the company, which banked $1bn pre-pandemic, to permanently or temporarily lay off 95% of workers. “The effort we made during this time was not in vain.”, China customs checks delay Australia lobster exports: Trade group. In the Las Vegas Convention and Visitors Authority (LVCVA) 2019 Visitor Profile Study, nearly one in two visitors reported seeing a show during their trip. Cirque du Soleil did not immediately respond to questions about ticket sales. “Cirque is doing more gymnastics off-stage than they ever did on stage in Las Vegas to try to keep that company funded,” he quipped. Nevada Gov. It wasn’t all due to the coronavirus. In Hangzhou, China, He Guowei said he thinks attendance is higher than before the pandemic, except the audience now wears masks. All 44 of Cirque’s global shows were shut down in March. Stunning. The company expanded rapidly during the 1990s and 2000s and made its way to the Las Vegas Strip in 1992 with Nouvelle Experience at The Mirage. Cirque du Soleil Files for Bankruptcy, as Las Vegas Shows Remain Dark. Before the pandemic, the entertainment company had 44 performances running worldwide and generated about $1bn in annual revenues from shows that featured underwater performances and others based on Michael Jackson, Lionel Messi and The Beatles. “The robust commitment from the sponsors — which includes additional funds to support our impacted employees, contractors and critical partners, all of whom are important to Cirque’s return — reflects our mutual belief in the power and long-term potential of our brand.”, © Las Vegas Sun, 2020, All Rights Reserved, Chelsea Handler Supports Biden-Harris Volunteers. Your email address will not be published. Guy Laliberte, a performer and co-founder of the company, is on Forbes list of Canadian billionaires. Cirque du Soleil has been the go-to entertainment provider for numerous Las Vegas Strip casinos. In connection with the filing, Cirque has entered into a “stalking horse” purchase agreement with its shareholders and debt providers which would provide $300 million into the restructured business to support a successful restart, provide relief for employees and partners and assume liabilities. Show cancellations led the company to permanently or temporarily lay off 95 percent of workers. Cirque du Soleil CEO Daniel Lamarre is optimistic that shows will return by early 2021 in Las Vegas, and says the company can break even with just 40 percent capacity. Cirque also announced today the termination of employment of approximately 3,480 employees previously furloughed in March, which “allows employees to maximize and accelerate the financial compensation that they can obtain by immediately receiving payment on account of all accrued vacation time” and unemployment assistance programs, according to the company’s statement. news, guides, reviews and information since 1995. The company was producing six shows on the Strip when casinos and entertainment were shuttered in mid-March to prevent the spread of COVID-19: “Mystére” at Treasure Island, “O” a Bellagio, “Zumanity” at New York-New York, “KÁ” at MGM Grand, “The Beatles LOVE” at the Mirage and “Michael Jackson ONE” at Mandalay Bay. This month, it filed for bankruptcy protection and has concluded an asset purchase agreement on Thursday with secured creditors. “The Purchase Agreement … provide(s) a path for Cirque to emerge from CCAA protection as a stronger company,” said Lamarre. For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization. The company had six shows operating in major Las Vegas … Las Vegas, slowed by coronavirus and shaken by violence, readies for reopening Bill Hornbuckle of MGM Resorts International stands behind a see-through barrier at a … But the artists and staff of the Resident Shows Division, including those in Las Vegas, are not affected by this measure as the Vegas shows are expected to resume before the rest of the company’s productions and events. My Granddaughter is the stage manager for one of the Las Vegas Shows, although she’s presently on Maternity leave. “For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization. “The new owners reportedly pivoted Cirque toward being an analytics-driven culture, which is pretty much the best way to suck the souls from creative people,” Scott Roeben of Vital Vegas reported earlier this year. Clubs, concerts, major sporting events and shows such as Cirque du Soleil have yet to return. The coronavirus pandemic is the biggest threat to face Cirque du Soleil, which was created in the early 1980s as The Stiltwalkers of Baie-Saint-Paul in Quebec, before becoming a global entertainment company thanks to sold-out Las Vegas shows, touring productions and acquisitions. Steve Sisolak nor the Nevada Gaming Control Board have released specific information about how that form of live entertainment might resume operations. Casino.org is the world’s leading independent online gaming authority, providing trusted online casino Cirque du Soleil is a Montreal-based private company that traces its origins back to 1984 when street performers Guy Laliberte and Gilles Ste-Croix formed a troupe of some 20 performers. Privately held Cirque declined to divulge ticket sales but court documents show the company had nearly $1.5bn in liabilities. Last updated on: June 29, 2020, 02:51h. Cirque du Soleil is the biggest name in production shows in Las Vegas. The company employs 1,300 people in Las Vegas. “I never thought in my life that I would wake up one day and basically in 48 hours we end up with no shows, no revenues,” CEO Daniel Lamarre told Reuters news agency. “My whole Facebook feed was just sadness,” said Chris Gatti, a former high-bar performer and consultant for the company. If a superior court approves of the request during a hearing tomorrow, Cirque says it will then seek Chapter 15 protection in the United States. A press release today announced the news that Cirque du Soleil Entertainment Group has filed for protection from its creditors under the Companies’ Creditors Arrangement Act (CCAA) in Quebec. While Cirque sees a potential reopening in the fall (autumn) for its resident productions in Las Vegas and Orlando, Lamarre only expects the company to get back to where it was in terms of the number of shows, revenues and profits in 2023. Stunning. Cirque’s financial stability began cracking after Laliberte sold the company in 2015 for $1.5 billion to three private equity firms. Present shows that are now in jeopardy of being canceled include “Michael Jackson: One” at Mandalay Bay, “The Beatles Love” at The Mirage, “Ka” at MGM Grand, “Zumanity” at New York-New York, “O” at Bellagio, and “Mystere” at TI. Cirque also acquired the long-running Blue Man Group show at Luxor in 2017. Neither Gov. The Cirque is seeing some green shoots of recovery with the reopening of the Chinese production last month, and another show opening in early July in Mexico. Cirque du Soleil — the entertainment company responsible for dazzling guests in Las Vegas for nearly three decades — has filed for bankruptcy protection in Canada. “It was very tough because from hour to hour I was learning that one country was shut down and then the other country was shut down.”. Name, email and comment will be stored in our database. As reported Thursday, “R.U.N” is closing March 8 at Luxor after a 4½-month residency, the shortest run of any Cirque du Soleil show ever in Las Vegas. “When we stepped on the stage again, we felt almost the same (as) when we made our debut in last August,” he said. The company, which gained international renown for extravagant shows featuring acrobats, jugglers, firebreathers and musicians, was forced to shut down productions in China, Italy and the United States, among other countries. MGM Resorts, the largest owner and operator of casinos on the Strip, is an official partner of the entertainment giant. And Cirque shows appeal to a wide range of visitors. The company laid off approximately 95 percent of its 4,700 staff and performers, including 1,300 workers in Las Vegas. 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