Rates of Covid-19 continue to surge around the country. In Nevada, more than 1,700 individuals have been diagnosed with the virus, including 228 additional cases over the past 24 hours. Interestingly, some experts believe the Las Vegas economy will bounce back in a big way once this crisis is over.
This is a very unusual time for Nevada and the country as a whole. Today, we’ll be looking at how casino companies in Las Vegas are responding to the situation. We’re also going to discuss how the city may look in the future.
Let’s get into it!
All Nevada Casinos Remain Closed to the Public
For weeks now, almost all of the land-based casinos in the United States have been shut down. This is done to help stop the spread of Covid-19, a new coronavirus that first emerged in Wuhan, China. As you might expect, it’s taking an incredible toll on the country’s many casino companies.
Nevada ordered all of its casinos to shut down in mid-March. This came with sharp criticism from the Las Vegas mayor. Eventually, however, it became clear how important it was to limit large public gatherings.
The casino shutdown is still going on today. It’s costing many companies in this city millions of dollars every single day. It’s still unclear when exactly the state’s gambling venues will be able to function normally again.
Some analysts felt that Macai would prove hugely lucrative for many Las Vegas casino companies. Unfortunately, the Chinese territory is experiencing very low revenue figures. A new report even claims the casinos here will earn no revenue at all during April.
The tourism industry is at a standstill right now. Many worry that the Las Vegas economy may suffer for months due to this new virus. This week, one analyst claimed that things may bounce back in a big way once this situation clears up.
Here’s What May Happen to the Las Vegas Economy
Nevada, and specifically Las Vegas, is being hit extremely hard by Covid-19. This city relies heavily on its tourism and gambling industry. Right now, unfortunately, both of these industries are essentially shut down in Las Vegas.
Mike PeQueen, an analyst at HighTower, believes the Las Vegas economy will improve rapidly once the coronavirus is no longer an issue.
“When this ends, we will have gone through a great deal of suffering, both physically and economically,” he said. “But it will end, and this city is perfectly poised to be the place that people come to re-enter the social phase of their lives.”
PeQueen also believes the Raiders’ move into Las Vegas will help the economy, as well.
“I absolutely agree that when we can all get together in Raiders Stadium,” said PeQueen, “whether or not we’re wearing masks or not, it will absolutely be one of the catalysts back to Las Vegas’s recovery. No question.”
Things are still escalating around the country. It may be a long road for Las Vegas to get back to normal. Eventually, however, that’s exactly what will happen.
How Are Other States Faring?
Relatively speaking, Nevada is doing fairly well in its fight against the Coronavirus. The same cannot be said for many states around the country. New York has just seen its total number of infections rise to 113,704.
New Jersey is also seeing a huge spike in cases right now. Louisiana is experiencing a massive surge in infections, as well. All of these states are seeing their economies suffer significantly. The gambling industries here are hurting significantly.
All of New York’s land-based casinos are shut down. Over in New Jersey, the world-famous Atlantic City is closed down. Many believe this will continue for at least the next four weeks. The restrictions may last for months.
Some states are managing to fare better than others. As we’ve already seen, however, things can change extremely quickly. We’ll need to wait and see how health officials around the country try to tackle the virus.
The Las Vegas economy is still suffering. Many are out of work here and it may be some time before the casinos are able to open up again. Hopefully, the city experiences a wave of tourism once things clear up.
Stay tuned for more Las Vegas casino news over the next few months!