Virgin Las Vegas to Lose Leadership of Bosworth
Richard "Boz" Bosworth is set to part ways with his position as the CEO of Virgin Las Vegas at the end of this month.
As reported by Vital Vegas on Sunday, Bosworth has been steering the off-Strip casino resort since its launch two years ago. In addition, he's the CEO and principal partner of JC Hospitality, the biggest shareholder of the casino.
According to a recent update from Virgin Las Vegas, Bosworth is calling it quits as the CEO on March 31, 2023. He's planning to continue his journey in the hospitality industry, as stated in the announcement. He'll remain an investor, Virgin revealed.
The news about Bosworth's exit from the casino hotel comes after Chad Brown's departure from his post as the chief marketing officer of Virgin and JC Hospitality. Brown moved onto a new role at Dollar Loan Center, a popular payday lending institution in the Las Vegas area.
Bosworth: The Archtect of a Unique Operating Structure
Vital Vegas praised the intriguing business arrangement maneuvered by Bosworth. The intertwined management of Virgin's casino is somewhat peculiar compared to other Las Vegas casinos.
To elaborate, the casino's operations are overseen by Mohegan, the gaming arm of Connecticut's Mohegan Tribe. The theater at Virgin is managed by AEG Live. Also, the hotel belongs to Hilton's Curio Collection, and the sportsbook is penned down in a partnership with Betfred.
Although outsourcing sportsbook duties and hotel partnerships aren't exceptionally uncommon in Las Vegas, the standard model usually includes companies handling casinos, hotels, and live entertainment venues. But Virgin's eclectic management setup has shown considerable success. Reports indicate that 2022 was an all-time high for the property, smashing any previous sales record even when it still bore the name Hard Rock.
Virgin is one of the three Las Vegas properties managed by a Native American tribe. The other two are the off-Strip Palms and the former Mirage, originally a part of MGM Resorts International.
What's Coming Up for Bosworth
The official statement from Virgin offers no clues about Bosworth's future career plans. He might dedicate more time to his Bosworth Hospitality Partners (BHP).
This company specializes in significant casino investments and smaller-scale transactions that often lack traditional sources of funding.
"Bosworth Hospitality Partners and their partners target large institutional hotel and casino projects, but BHP also seeks GP equity investment opportunities in the smaller $2.5 million to $3.5 million range. This investment niche has been largely ignored by private institutional financing sources," the company explains.
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