SEMA cancels 2020 show in Las Vegas
Two more major tradeshows are scratching their plans for Las Vegas this year.
The concurrent Automotive Aftermarket Products Expo and the Specialty Equipment Market Association Show said Wednesday they are cancelling their annual conventions in November because of COVID-19 and exploring virtual options.
The co-located shows, which allow registrants of either convention to attend the other, drew upwards of 160,000 people last year, making them the second-most attended annual shows behind CES, which canceled its in-person 2021 convention last week.
They are among the dozens of other conventions and business gatherings that have been canceled or postponed this year because of COVID-19.
Specialty Equipment Market Association, or SEMA, had planned for the 2020 SEMA Show from Nov. 3-6, but “mounting uncertainty has rendered continuing with the event inadvisable,” SEMA president and CEO Chris Kersting said in a statement.
“While we are disappointed circumstances prevent us from hosting the Show in November, we look forward to getting everyone together in 2021 for another outstanding event,” he said.
AAPEX, operated by the Auto Care Association and the Automotive Aftermarket Suppliers Association, said Wednesday it is also cancelling its in-person trade show originally scheduled from Nov. 3-5, in favor of a virtual event because of Nevada’s COVID-19 restrictions on large gatherings and “severe limitations”
which have an economic impact worth millions.
Growing disinterest in trade shows could deal a heavy blow for many local casino companies, which operate convention space and rely on group business to fill rooms midweek.
PLAYAGS executives said told investors the company would be adjusting its cost structure and only ramping up departments that are
“essential to run (the) business,” such as field service, research and development and manufacturing.
The operational changes came after casinos across the world were forced to shut down.
In the second quarter, revenue was $16.8 million, down 78 percent compared with the same period last year, and net loss was $42.6 million.
Chief Financial Officer Kimo Akiona said PLAYAGS has been able to strengthen its liquidity by managing expenses and cutting capital expenditures but warned investors that
Covid-19-related challenges aren’t over.
“In terms of what we’re seeing over the next six months, we believe customer budgets will continue to be impact for not only the remainder of the year, but also for 2021,” Akiona said.
PLAYAGS shares closed up 2.5 percent Wednesday to $3.67 on the New York Stock Exchange.