{"id":634,"date":"2020-03-24T15:57:54","date_gmt":"2020-03-24T15:57:54","guid":{"rendered":"https:\/\/www.casinosites.us\/news\/?p=634"},"modified":"2020-05-15T17:41:25","modified_gmt":"2020-05-15T17:41:25","slug":"us-casinos-shutdown-as-the-coronavirus-tighens-its-grip","status":"publish","type":"post","link":"https:\/\/www.casinosites.us\/news\/us-casinos-shutdown-as-the-coronavirus-tighens-its-grip\/","title":{"rendered":"US Casinos Shutdown As the Coronavirus Tighens Its Grip"},"content":{"rendered":"\n

The novel coronavirus outbreak has been dominating the\nnews, posing one challenge after another ahead of countries and their\neconomies. Casinos and gambling establishments across the United States have\nbeen faced with the same qualms as most entertainment industries out there, and\nthe\nforecasts have been dispiriting<\/a>.<\/p>\n\n\n\n

Estimated 11% of the global gambling market will be\nlost, forecasts estimate, although these numbers could quickly start taking on\nfar more serious numbers. Global gambling gross win timeline has fallen to $421\nbillion as of last Friday, making for a rather subdued year altogether.<\/p>\n\n\n\n

While analysts have worried that 2019 had been a slow\nyear, 2020 will completely upend expectations and usher in an economic gloom\nthat would take years to overcome. Interestingly, the Asia-Pacific region will\npossibly be the first to recuperate, as China has already brought the cases of\nCOVID-19 infected patients under control and South Korea and Japan are showing\nheadway.<\/p>\n\n\n\n

Macau has opened up back for business after a two-week\nhiatus occasioned by the rapid spread of the virus in the administrative\nregion. <\/p>\n\n\n\n

AGA Warns Casino Shutdown Could Cost up to $43.5 Billion<\/h2>\n\n\n\n

With the United States preparing to batten down the\nhatches, the\ncasino industry could damage the economy<\/a> by up to\n$43.5 billion, the result of a widespread shutdown that would send market\nscares across the state.<\/p>\n\n\n\n

As of last week, 95% of all commercial casinos had\nclosed and 76% of tribal operators had joined them last week, though these\nnumbers are now closer to 100%. Estimated $74 billion in total annual wagers\nmight be at risk with 616,000 employees or 98% of the gaming workforce affected\nby the rapid changes and the shutdown. Commenting on the issue, AGA executives\nhad this to say:<\/p>\n\n\n\n

\u201cThe impact\nto gaming businesses goes beyond the casino floor. It creates deep uncertainty\nimpacting nearly two million Americans whose jobs are supported by gaming and\ndisproportionately affects the operations of the entire hospitality industry.\u201d<\/em><\/p>\n\n\n\n

AGA similarly urged the federal government to seek and\noffer aid to the casino sector, an appeal that will most likely fall on deaf\nears given the state of country-wide emergency that is shaping up with 30% of\nall workers expected to lose their jobs.<\/p>\n\n\n\n

Las Vegas Start a Charitable Fund for Pandemic Response <\/h2>\n\n\n\n

With Nevada shutting down its casinos that has not\nstopped the big brands from pursuing fresh opportunities to aid the embattled\nSilver State. Casinos in Las Vegas are now sorting out through their stock\nrooms offering food to food banks in the areas and making every little count.<\/p>\n\n\n\n

The move has been backed by a number of prominent\nestablishments, including Caesars Entertainment, Las Vegas Sands, Wynn Resorts,\nStation Casinos, and Boyd Gaming, and naturally MGM Resorts. <\/p>\n\n\n\n

Meanwhile, the Las Vegas Sands also hasn\u2019t hesitated\nto donate $250,000 to three area charities, trying to soften the oncoming blow\nthat 30 days of casino lights-out would usher in. <\/p>\n\n\n\n

Las Vegas\u2019 Hotels and Casinos Prepare to House COVID-19 Patients<\/h2>\n\n\n\n

With nobody really in the know which way the COVID-19\npandemic is going to go \u2013 although WHO doesn\u2019t forecast anything good \u2013 Las\nVegas could actually turn into a makeshift hospital. There are over 150,000\nhotel rooms currently in the city, which makes for an ideal accommodation, not\nleast because of the ability to self-isolate infected patients.<\/p>\n\n\n\n

While casinos would not do, despite their spacious\nfloors, hotel rooms could provide infected individuals with enough comfort and\na suitable space, and not least \u2013 a place to keep COVID-19 at check. <\/p>\n\n\n\n

LVS, MGM Resorts, Wynn Resorts Rated with Negative Credit Outlook<\/h2>\n\n\n\n

Las Vegas Sands (NYSE:LVS), MGM Resorts International\n(NYSE:LVS), and Wynn Resorts (NASDAQ:WYNN) are among the companies which\nStandard & Poor\u2019s has targeted with a negative outlook by the rating\nagency. <\/p>\n\n\n\n

The real danger is to have a number of companies,\nincluding the aforementioned casino giants, downgraded to a non-investment\nstatus, reflecting on the global economic danger that the world faces \u2013 not\nonly within casino gambling.<\/p>\n\n\n\n

Revenue will naturally continue to fall, but the real\nnerve-biting results will come in April and May when casinos are expected to\nturn no revenue whatsoever. Not all is lost though. <\/p>\n\n\n\n

Gambling companies will be able to save up on gaming\ntaxes and marketing expenses, of course, the utility bills would fall and\npaying reduced wages to staff or putting them on unpaid\nleave<\/a> \u2013 where legally justified \u2013 would help them weather\nthe immediate storm.<\/p>\n\n\n\n

Yet, that is hardly enough to turn any good results\nany time soon. COVID-19 is only at the beginning of its spreading in the United\nStates, with the numbers of infected reaching 43,000 as of the moment of\nreporting. <\/p>\n\n\n\n

West Virginia\u2019s Jim Justice Warns Bingo Halls Might Be Spreading COVID-19<\/h2>\n\n\n\n

West Virginia is in its own pickle. Coronavirus has\nnot steered cleared of the state which has begun reporting cases. Gov. Jim Justice\nhas hurried to caution the population that bingo halls might be in the root of\nthe cause.<\/p>\n\n\n\n

Gov. Justice also urged residents to avoid public\nspaces, non-essential\ngatherings<\/a>, and limit travel as much as they can. Effectively,\nhe has urged residents to stay home to help West Virginia get ahead of\nCOVID-19.<\/p>\n\n\n\n

However long shopping lines and queuing up for\nlast-minute panic buying has proven widespread across the United States. One\nspecific danger Gov. Justice cited was bingo halls. He said that the state was\naware of the setting in which bingo halls operated and that was considered\nunsafe given the necessary health standards the public needs to uphold to curb\nthe spread of COVID-19. <\/p>\n\n\n\n

A shutdown of the WV casino and gambling industry\nwould be costly, of course. By one estimate estimated $50 million could be lost\nin revenue if video lottery terminals (VLTs) are shut down.<\/p>\n\n\n\n

Viable palliative would be the existence of an iGaming\nnetwork. However, given the circumstances, there are only a handful of states\nthat offer online gaming, including New Jersey, Delaware and Pennsylvania.<\/p>\n\n\n\n

With sports betting coming to a halt nationwide\nbecause of the COVID-19 pandemic, things for the gambling sector don\u2019t look\npromising. <\/p>\n","protected":false},"excerpt":{"rendered":"The novel coronavirus outbreak has been dominating the news, posing one challenge after another ahead of countries and their economies. Casinos and gambling establishments across the United States have been faced with the same qualms as most entertainment industries out there, and the forecasts have been dispiriting. Estimated 11% of the global gambling market will […]","protected":false},"author":3,"featured_media":637,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[57,68,58,60,67,66],"class_list":["post-634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headline","tag-coronavirus","tag-covid-19","tag-las-vegas","tag-mgm-resorts-international","tag-west-virginia","tag-wynn-resorts"],"acf":[],"yoast_head":"\nUS Casinos Shutdown As the Coronavirus Tighens Its Grip<\/title>\n<meta name=\"description\" content=\"As the Novel Coronavirus (COVID-19) tighens its grip on the United States - and the world - casinos have been forced to shut their doors til further notice.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinosites.us\/news\/us-casinos-shutdown-as-the-coronavirus-tighens-its-grip\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Casinos Shutdown As the Coronavirus Tighens Its Grip\" \/>\n<meta property=\"og:description\" content=\"As the Novel Coronavirus (COVID-19) tighens its grip on the United States - 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