COVID-19 Pandemic and Its Consequences on the Casino Industry
Coronavirus (COVID-19) has become a nightmare to the entire world since it could hit the pandemic level within no time. There is no doubt that the novel Coronavirus outbreak has diminished even the strongest economies in the globe in a deep trench. It is a fact that health must come first in this fated situation and the governments are trying their best to control the infection through complete lockdown, avoiding crowds in malls, shopping centers, etc. But, we can’t avoid the net result of stacking more pressure on the already affected economic growth across the world.
Impact of Coronavirus on the gaming industry and casinos
Yes, it’s obvious! According to Game Developer analysts, the novel Coronavirus outbreak is strong enough to weaken the growth of the gaming industry in the coming months. As said earlier, the panic situation of spreading infectious disease has forced every physical casino to get closed for the next couple of months. Since there are restrictions imposed by many countries to the tourists, the casinos are facing a real-time bad hit as well. For example, many physical casinos in Pennsylvania witnessed an up for revenue in January, but have drastically dropped in March. This is the same in the case of other numerous casinos that attract Chinese tourists. If this pandemic takes control of the majority of the population, the gaming revenue is likely to be negatively dipped double-fold for some more period of time.
This is the digital era! This is the decade where the essentials come to us at a click away. Yes, for those people who are at home these days, get the benefit of playing online casinos. Online casinos or digital form of betting is making the biggest revenue turn now with the players being played at their convenience without stepping out. The biggest advantage of online casinos is that the players can make payment through cryptocurrencies without third-party interference.
Impact on American casino workers
COVID-19 outbreak is showcasing its catastrophe to the workers from every nook and corner of the casino industry. Almost all the gaming sectors have already felt the revenue drops of government-supported closures across the United States by this time. The workers are being supported financially by the U.S. gaming companies as long as possible despite economic standstill and compulsory lockdowns. However, it is a big question to check until when they can support these employees?
As of now, 465 commercial casinos and 508 tribal casinos are closed and this closure has affected nearly 649,000 casinos and resort workers of total gaming workforce. Being a financial engine for many local economies, closure of casino gaming for a long time will definitely cost $43.5 billion in the U.S. economic activity.
Final thoughts
It is really brain pricking that the inability of nations to control the pandemic and its adverse effects in the global economy. It makes a huge loss for conducting gaming events, seminars, new games, etc. and so it affects the allocated resources of the gaming industry obviously. Thanks to researchers for their continuous effort to create a vaccine against COVID-19 that can bring back the lives of millions of people and economies on the right track.
