Coronavirus News: Las Vegas Economy is Slowing Down But Slots are Running Well at Local Casinos
How hard did the world economic shutdown affect you? As a casino lover, particularly hard I guess.
According to the American Gaming Association, all 989 of the nations’ casinos had to shut down due to the COVID19 pandemic.
The United States and the world shut down temporarily because of the coronavirus epidemic. And every sector of the economy, including the gaming industry, shut down indefinitely.
Only the health sector was running throughout the coronavirus scare.
But in recent weeks, hope rises in the horizon like the sunrise in the east, and casinos all around the United States are gradually breathing a sigh of relief.
The American Gaming industry reports that about two-thirds of the casinos in the US have since reopened amidst observing social distancing rules.
Some states with a significant number of casinos like Louisiana and Mississippi have since reopened, but hospitality dependent economies like Las Vegas, NV have seen a slow rate of casino reopens.
According to Caesars Entertainment Corps, owners of casino chains across the country – casinos in cities like Council Bluffs, Iowa, Tunica, and Mississippi are doing much better than the famous casino city of Las Vegas.
Casinos in the regional market have started turning in profits, with casinos in states like Louisiana and Missouri turning in profits over 2% respectively since the reopening in May through June.
The story is different in Sin City, with revenues dropping down as much as 58% in the same period.
Caesars Entertainment Corps spokesperson Richard Broome cautioned against drawing premature conclusions for the financial performance of casinos in Las Vegas.
“They have been open for just one week through June, since the end of lockdown”, he said.
The casinos doing better than Las Vegas casinos are the regionals, and they have been open for longer with more patronage. People are not just flying in from across the world to Las Vegas to enjoy the famous Las Vegas hospitality.
It’s too early after the coronavirus scare.
But things will gradually bounce back to normal, and casinos in Las Vegas are preparing for business to return to normalcy from early next year.
They just have to count their losses and forge ahead.
In recent weeks, hotel demands have started to rise, prompting casino owners like Caesars to open a new casino last week to meet demand.
Some financial analysts, however, believe the performance of casinos in Las Vegas has been weak, even if it’s just been open for one week.
There have been questions about the willingness of gamblers to go back to destination resorts like Vegas and if there will be an unusual demand for casinos after the coronavirus scare is finally over.
The weak results in Vegas will surely do some harm to the optimism of casino owners, but it’s still too early to make conclusions.
We know Las Vegas is a travel dependent location; last year saw over 43 million visitors to Sin City, with most of them visiting strip clubs, hotels, and the popular casinos.
The virus has totally stopped travels, the only visitors to these casinos are locals coming from within the state of Nevada.
The great news amidst the gloom and doom is that casinos are running at local casinos in Las Vegas…
Slowly but surely, things are getting back to normal.