We’ve been reporting on Covid-19 since it first emerged in China. Over the past three weeks, this virus has begun spreading quickly around the United States. Unfortunately, it now appears that US casino closures will cost the economy more than many realize.
Things are changing fast. Casinos around the country are now being forced to close down. Today, we’re going to look at how much money analysts predict the gambling industry will lose.
Let’s get into it!
More Casinos Are Being Forced to Close Their Doors
Never before has a virus impacted the US gambling industry so quickly. In late January, only a few cases of this virus were present in the United States. Today, more than 16,000 individuals in the US have already tested positive.
As Covid-19 spreads, more industries are being devastated. This includes the airline industry, which seems on the brink of collapse. People around the world simply aren’t flying right now and many of these companies claim they will soon go bankrupt.
The gambling industry is also being impacted. Many states have begun forcing all casinos to shut down. This includes Nevada, which recently called on all casinos to shut their doors. It’s tough news for Las Vegas, which relies heavily on its gambling industry.
Some companies are now asking Congress for help. They claim that without emergency aid, it will be impossible to stay afloat. It’s still unclear how Congress will be able to help these companies.
There’s no doubt that land-based casino operators face a difficult time. More parts of the country are making their gambling venues shut down. New reports offer some information about how much money will be lost due to US casino closures.
Analysts Offer Grim Projection Due to US Casino Closures
Everyone knows that the next few months will be tough for land-based casinos. Unless a major breakthrough is made, the tough times could continue for the rest of the year. This week, though, several analysts revealed what will happen due to US casino closures.
According to the American Gaming Association, if all land-based casinos are forced to close their doors for the next eight weeks, it will cost the US economy $21.3 billion. More than $59 billion could be lost in total annual wage losses.
Casey Clark, the AGA’s senior vice president of strategic communications, released a statement to the media about this situation.
“The American Gaming Association, in partnership with our colleagues across the hospitality sector, is engaged with Congressional and administration leadership to shape stimulus and aid packages that will support employees, their families, and our communities through this unprecedented crisis,” he said.
More than 530,000 casino workers are already out of a job. As more casinos are forced to close, this number will rise.
Analysts also claim that US casino closures will hurt local economies. Many parts of the country, including small cities, need the revenue from casinos. We’ll need to wait and see how casinos tackle these new, unexpected issues.
Online Casino Gambling is Growing More Popular
The US internet casino industry has been growing for years. Of course, many individuals still prefer to make their bets inside land-based venues. Now that nearly all casinos in the country are shutting down, however, the popularity of online casinos is exploding.
Fortunately, there are a huge number of fantastic internet casino sites available today. Many of them offer just as many games as the biggest land-based casinos in Las Vegas. The majority offer quick, safe payment options, as well.
One that we love is Bovada. This site is one of the most popular in the US and is known for its sleek, modern user interface. Bovada also offers a great online sportsbook, with odds on just about every sport still operating.
With that being said, the US sports world is essentially shut down right now. No major leagues are able to operate. Hopefully, that changes within the next month or two.
More US casino closures are announced every single day. The AGA feels this will have a major impact on the country’s economy. Stay tuned for more updates on this story over the next few weeks.