South Point agrees to stick with NV Energy, withdraw exit application
South Point Hotel Casino and Spa announced today that it will withdraw its application to leave NV Energy and instead will continue receiving electric service from the utility.
The two companies have agreed to a fully bundled energy service, leading South Point to withdraw its application with the Public Utilities Commission of Nevada that would have allowed the casino company to buy electric power from another provider.
“I’ve been in Las Vegas a long time and it is important to me that we continue to work with companies who are similarly invested in our community,” South Point Owner Michael Gaughan said in a statement.
This announcement comes a week after the Las Vegas Convention and Visitors Authority announced that it would stay with NV Energy under a five year deal. Other companies that have reached similar deals with the utility in recent weeks include the Venetian, Atlantis Casino Resort, Grand Sierra Resort and Golden Entertainment.
“All of us at NV Energy take these 704B applications personally. Simply put, we do not want to lose any of our customers and we remain committed to finding solutions that satisfy our largest customers’ evolving business needs,” said Doug Cannon, NV Energy’s president and chief executive officer. “NV Energy is delighted to have reached an agreement with South Point and looks forward to continuing our partnership for many years to come.”
This deal is one of many in the wake of multiple companies threatening to or have already moved away from the energy giant, including Boyd Gaming, the Raiders Stadium, Station Casinos and the SLS.