Covid 19: US Casino & Gambling Industry Fears Extinction
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Covid 19: US Casino & Gambling Industry Fears Extinction. Coronavirus outbreak has left a massive impact on the economy of the entire world. US casinos are forced to close their doors to the public. Online casinos report significant revenue increases.
The SugarHouse Online Casinos offer a variety of games. Most land-based casinos have their respective online branches. The online casinos will save many businesses and provide people with a safe environment for enjoying their favorite pastimes.
The majority of casinos in the US were closed by early-April. More than half a million of the casino industry workers lost their jobs. The industry generates $34.4 billion in tax revenue per year. Hotels, local shops and restaurants are also part of this industry. The US economy will lose $21.3 billion if casinos stay out of business for two months.
Nevada closed all casinos in mid-March due to the Covid-19 pandemic. Governor Sisolak officially announced the closure half a month ago. MGM and Wynn were the first to close their doors to public.
The US Congress passed a $2 trillion bill to help the impacted businesses. Nevada's casinos will get their portion in the shape of a$454 billion assistant package. According to the Nevada Resort Association, the state's unemployment rate will go to 30% at least. 320,000 workers rely on $1.3 billion in wages and salaries every month.
AC Casinos Reporting Deadline Pushed Back by Regulators. The quarterly casino profit filing deadline was scheduled for April 7th, but it had to be disrupted due to the Covid-19 crisis. Public information will not be released before May 7.
Ohio was one of the last US states to have legalized gambling. Four brick and mortar casinos were opened between 2012 and 2013 in Cleveland, Cincinnati, Columbus, and Toledo. The revenues of those casinos have been deteriorating over the years. Even before the coronavirus emerged, the local land-based casinos in Ohio were significantly hit by the rise of online gambling industry. Governor Mike DeWine limited gatherings to 100 people or fewer as of March 13th. Hollywood Casino Columbus and. Toledo, JACK Casino Cincinnati and JACK Cleveland Casino were all forced to close.
