The Hidden Cost of Closing all the Casinos

Living in these unprecedented times, it's easy to forget what the past used to look like; when shops were packed with customers, restaurants full with diners and the people didn't cross the road when they saw you walking towards them. Perhaps among all the losses, the casino industry seems rather a trivial one under the vertical of gaming, but what many people do not see, is the huge losses behind the scenes that are affecting many countries around the world.
With over 9,200 casinos in the world, a huge number of employees, owners and investors have found themselves in an unprecedented position - being forced to close down their buildings with no certainty as to when they might re-open them. While many may see some benefit from government aid or tax-relief, hundreds of thousands of employees have already found themselves out of a job or, at best, furloughed with no end date in sight.
In the United States, the deficits have been monumental. Despite casinos, such as the Venetian, planning to take guests in from as early as June and firms boasting about 'shields' that could help the casinos re-open again with the correct safety features in place, the loss of revenue and jobs is truly staggering.
An estimated 649,000 Las Vegas Casino employees are at risk, with many already out of a job or suspended without pay. The estimated 8-week loss of $43.5 billion of revenue will likely ensure that a large proportion of these employees may never re-join their casino workforces again.
In Atlantic City, 26,000 employees are already out a job and, while their current 4-week $500 million expected loss of revenue falls short of the Las Vegas demands, this is likely to cause long-term damage to an already fragile industry.
One of the less-documented losses is among the tribal communities, who operate 534 casinos themselves across 29 states, with 296,000 potential employees facing job losses and a potential $1.5 billion in lost revenue (based on the first two-weeks alone) for their community. While the PPP has been approved to help them, there have been delays in many receiving the funds which has left many in dire straits. This doesn't even account for the losses in taxes which is estimated, from the two weeks, to be around $240 million.
With no end date in sight and America still gripped by the outbreak, it is safe to say that this problem is likely to continue to wreak havoc on an economy that relies on tourism and casino revenue to support its' coffers. But for those who work in the industry, supply the industry or have invested in the industry - the future looks bleaker than ever - with only hope to hold on to that something, somewhere can revive a previously vibrant and booming sector.

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This release was published on openPR.