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General => General Discussion => Topic started by: alrelax on April 02, 2020, 06:53:25 AM

Title: What C19 is bringing to the casino industry
Post by: alrelax on April 02, 2020, 06:53:25 AM
Some of the events that C19 is  bringing to the casino industry here in the USA:

https://www.nativebusinessmag.com/tribes-sue-commercial-insurers-to-cover-costs-of-business-disruption/

https://www.bloomberg.com/amp/news/articles/2020-04-01/in-shuttered-las-vegas-tropicana-is-sold-for-5-months-rent

https://www.pressofatlanticcity.com/news/casinos_tourism/nj-losing-millions-in-taxes-fees-from-closed-atlantic-city-casinos/article_0459d4cf-477a-533d-9d4b-3f3db6d2a41b.html
Title: Re: What C19 is bringing to the casino industry
Post by: alrelax on April 03, 2020, 05:06:54 PM
Paid salaried employees are now turning into furloughed employees. Which basically means they'll keep most of their benefits but no pay checks, as they will or did when they were were just laid off.

In June sometime if this is not straightned out, all benefits will be canceled for virtually all of their employees as well. That will really be the breaking point for the casino, brick-and-mortar industry.

https://news3lv.com/amp/news/local/mgm-resorts-ceo-says-60000-employees-have-been-furloughed-in-cnbc-interview
Title: Re: What C19 is bringing to the casino industry
Post by: alrelax on April 03, 2020, 05:25:14 PM
I would estimate that the total payroll weekly for the MGM operations would be roughly $62,500,000.00 dollars.  Taking the amount of employees that they have, the average salary paycheck per week and figuring some of the benefits that they have to float as well and the payroll taxes.

That's probably a good mean average of $60 to $80 million dollars a week.
Title: Re: What C19 is bringing to the casino industry
Post by: alrelax on April 06, 2020, 07:17:27 PM
Latest on casinos being closed in Las Vegas, it has been extended of course that was expected.

https://www.staradvertiser.com/2020/04/05/travel/las-vegas-advisor/las-vegas-governor-extends-casino-shutdowns-during-pandemic/