Casino closures and resulting economic damage
Wednesday 22nd April 2020
Casino closures - It comes as no surprise that the Corona virus has had a devastating effect on the lives and livelihoods of people all around the world since the outbreak late last year. In fact, it is possibly one of the most catastrophic diseases since the plague. People are being held hostage in their own homes in fear of contracting the mutating disease and being monitored by the government in doing so. We aren't to come into contact with fellow community members, friends and even close family as the COVID-19 spreads at a rapid rate and infect those near or in close proximity to the infected, similar to that of the plague.
Casinos in Canada
One of the countries to have felt the damage the most to the economy, among many others, is Canada. Casinos in Canada are a hot attraction and generate much of the revenue for the tourist friendly country. Naturally, with closures of land based casinos, Canada, just as the rest of the world is feeling the loss of that targeted revenue. Casino de Montreal in Quebec was one of the first 4 casinos to close its doors to the public in fear of the virus attacking visitors and spreading its destruction throughout further parts of the world. The casino intended to reopen its doors in April, however, it remains unclear when the casino and many others will, in fact, reopen to the general public.
The negative impact of total shutdown
In a recent turn of events, the casino industry has estimated that there has been a severe loss for revenue, up to $21 billion in profit to be more accurate. This amount was forecasted by the American Gaming Association and was only projected for a period of 8 weeks. Should casinos remain closed longer than this, a further devastating loss will take effect within the gaming industry and Canada too will be affected.
Though it certainly isn't a pleasant thought, there were casino employees that braced themselves for the worst outcome and many are suffering more than just quarantine. Some land based casino dealers and staff members rely heavily on tips and cannot make ends meet as a result of casinos closing their doors. This leaves many relying on the charity of others and the possibility of potential lawsuits as employees grasp at any means necessary to make their way. Though Canada hasn't been affected as deeply as America in terms of employees losing their jobs, Canada is still feeling the loss of the revenue generated by its casinos. In America, there has been an estimated total of over 60 000 employees not heading into work on a daily basis but rather being tied down to their homes in this time of crisis. Canada has an estimated total of a few thousand employees who cannot return to work until the government lifts the new rules which have been put in place to help the public contain the virus.
A positive outcome for some
Thankfully the Quebec government has taken the livelihoods of people affected by shutting down businesses as well as the staff of Casino de Montreal and is offering financial aid to workers affected by this crisis. However, the casino industry is expected to recover and many land based casinos have an online platform that allows players to still access the casino and an even larger database of casino games. Though millions in Canadian dollars are currently being lost by casinos simply closing their doors to the public, there is hope that the casino scene will fully recover by the end of the year.
The strong force that is casino gaming is one to be reckoned with and although the industry has indeed taken a knock, just as the economy will regain its composure, land based casinos will re-enter society no worse for wear. But for now, the closure of Casino de Montreal is just one of many that have shown there has been significant damage caused by such a bold yet necessary move to preserve the human race and halt the dire outcome of contacting the Corona virus.