Posted on: March 20, 2023, 03:28h.
Last updated on: March 20, 2023, 03:28h.
Richard “Boz” Bosworth will leave his role as chief executive officer of Virgin Las Vegas at the end of this month.
Vital Vegas broke the news yesterday, noting Bosworth has been at the helm of the off-Strip casino-resort since it opened two years ago. He’s also the chief executive officer and general partner of JC Hospitality, which is the majority owner of the gaming venue.
Richard ‘Boz’ Bosworth, President and Chief Executive Officer of JC Hospitality, which is the owner of Virgin Hotels Las Vegas, resigned in February 2023 and his last day as CEO will be March 31, 2023. Bosworth will be taking the next step in his career as he moves on to pursue new ventures in hospitality. Bosworth will remain an investor,” according to a statement issued by Virgin Las Vegas.
News of Bosworth’s departure from the casino-hotel arrives after Chad Brown left his role as chief marketing officer of Virgin and JC Hospitality for a new role at Dollar Loan Center — a Las Vegas-area payday lending firm.
Bosworth Architect of ‘Interesting Operating Structure’
As Vital Vegas astutely noted, Bosworth oversaw what is “one of the more interesting business structures of any Las Vegas casino.”
Translation: There are a lot of cooks in the Virgin Las Vegas operating kitchen. The casino is run by Mohegan – the gaming and leisure arm of Connecticut’s Mohegan Tribe. The venue’s theater is operated by AEG Live while its hotel is part of Hilton’s Curio Collection. Additionally, its sportsbook — a source of controversy due to delays in opening — is managed by Betfred.
While outsourcing sportsbook duties isn’t uncommon in Las Vegas and hotel partnerships aren’t unique either, the standard Sin City operating model includes companies managing casino, hotel and, in many cases, live entertainment venues.
That’s not to say Virgin is off base with its nifty management structure. It’s believed 2022 was the venue’s best year on record, topping any annual performance notched when it sported the Hard Rock name.
Virgin is one of just three Las Vegas properties where the casino is operated by a Native American tribe. The others are the off-Strip Palms and the Mirage, which was formerly controlled by MGM Resorts International.
What’s Next for Bosworth
The statement doesn’t get into specifics regarding what’s next for Bosworth, but he could devote more time to his Bosworth Hospitality Partners (BHP).
That company focuses on large-scale casino and hotel investments as well as smaller deals that often lack financing from traditional sources.
“While BHP and their partners target very large institutional hotel and casino projects, BHP also seeks GP equity investment opportunities in the smaller $2.5 million to $3.5 million range. This is an investment sector that has been severely underserved by private institutional financing sources,” according to the company.