Las Vegas Casinos Aim To Find Own Power SourcesWynn, MGM, Sands Unhappy With Current Business With NV Energy |
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With annual electricity bills in the tens of millions collectively, Wynn Resorts Ltd., MGM Resorts International and Las Vegas Sands Corp. all are engaged in a fight to find their own sources of power, rather than do business with the Silver State’s NV Energy, in order to reduces the costs of operating their casinos.
NV Energy generates its own power but also buys it from other power companies.
According to a report from The Wall Street Journal, NV Energy, which is owned by Warren Buffett’s Berkshire Hathaway Inc., is pushing Nevada officials to make it pricier for the casinos to find their own power suppliers. State officials have not allowed a casino to leave NV Energy.
Properties owned by Wynn, MGM and Sands reportedly account for more than five percent of the sales of NV Energy, which has a monopoly in the Silver State. The casinos say that the energy supplier isn’t passing on savings that are the result of buying solar power from other companies wholesale.
While there’s the struggle in Nevada over power to some casinos, the fate of Atlantic City’s most expensive casino, which closed last year, is in limbo as its current owner tries to find his own power source. The power plant that has been supplying the shuttered Revel casino with power has been contesting the move, casting doubt on the casinos’ re-opening.
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