How Will the Spread of Coronavirus Impact in Vegas Casinos?
On April 8, 2020, the debt relief team of Henderson Bankruptcy Attorneys writes:
Coronavirus Impact in Vegas. Brings Strip to a Halt.
The Coronavirus Impact in Vegas, Henderson, Paradise, and throughout Nevada is something that few people ever thought they would see. The Vegas Strip is basically closed as the COVID-19 pandemic circulates through Nevada.
Leaving in it’s wake the Coronavirus impact in Vegas is sure to be financially devastating. The loss of jobs and closing of businesses in Nevada have reached unparalleled numbers. However, is the worst still to come?
One of the most shocking parts of the Coronavirus pandemic has been the major events being delayed or canceled. Entire professional sports seasons, almost every show on the Vegas Strip, and even The Olympics have been postponed or canceled. Though, even if the organizers of these events didn’t cancel them, there likely would have been drastically diminished attendance. This pandemic isn’t kind to large masses of people. Events are canceled due to health and financial concerns of potential customers. Therefore, it is no surprise that the world’s largest adult playground, the Las Vegas Strip, is financially suffering.
Even before shelter-in-place orders were in effect, people worldwide have been discouraged from traveling. Planes that aren’t currently grounded are flying at far less than full capacity. Vegas locals know that besides those in the entertainment/hospitality industry, the Strip is largely visited by tourists. Since pools, clubs, restaurants, casinos, etc., are closed, even those who could drive to Las Vegas have little to no incentive to do so. Even outdoor attractions, such as the Hoover Dam, are closed at the moment.
Tourism, Few People Coming to Vegas, Coronavirus Destroys Industry
Without planes bringing in tourists by the droves, and luxury amenities to incentivize more local visitors, hotels are almost empty. One Nevada company, Diamond Resorts, has offered their hotel rooms to health care providers to either rest after long shifts or avoid infecting their vulnerable family members. Despite this, Diamond Resorts has still had to furlough 77% of its staff. It can only be expected that hotels that aren’t offering free accommodations for first responders have to furlough even more of their staffs. Some hotels, such as Wynn, are paying their staff for 4-6 weeks. While this is helpful for those lucky few, their income is still likely to be drastically reduced due to lack of tips.
Only time will tell which casinos are going to survive the pandemic, and whether laying off employees or temporarily paying them was more effective. For those casinos that don’t survive, will they have the cash available for a big send-off, or close their doors quietly? Either way, the financial effects of the spread of COVID-19 will undoubtedly be present in Las Vegas for years to come.
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