The Gambling industry around the world is in jeopardy because of the pandemic outbreak of the Coronavirus. This is because most casinos have or are closing their doors to contain the spread of the disease. However, this will come at a heavy price for the casino industry and the entire U.S. economy. This is because the Casino Industry estimates $21.3 Billion in Economic Losses from COVID-19.
According to the latest report by the American Gaming Association (AGA) the situation is not looking good. In addition, if casinos remain closed for the next 8 weeks, the U.S. economy will lose about $21.3 billion in direct consumer spending. Therefore, they are currently working with the White House and Congress to get relief packages for their employees.
Over 600,000 Casino Employees without Work
According to online casino news, 94% of all commercial casino and 37% of tribal casinos are currently not open. Therefore, this could lead to almost $59 billion in total annual wager loss for casino workers. This is in addition to losing casino revenue worth $34.4 billion in annual tax revenue. All in all, this also means that over 600,000 Casino Employees are currently without work.
In addition, half of the job losses in the gambling industry are not in direct relation to the gaming industry. This is because they also include support jobs as well as restaurant and local shops employment.
Some casino forums are wondering if online gambling can save the sports betting industry or at least help it. However, casino experts doubt that it will have any significant impact. This is because as the spread of the coronavirus continues, people will stop spending money on entertainment.
Of course, on a worldwide scale, things are much worst for the casino industry. The Best Online Casinos in Korea and around the world are also struggling and reporting heavy losses.