The global economy is in deep trouble in the wake of the COVID-19 outbreak. In the casino industry, the hurt is spreading out as well. With hubs like Las Vegas closing its venues, the magnitude of the situation is clear. Furthermore, the problem is a global one with major sporting events shutting down just like the casinos. In the EU, the UK and the US, bailout measures are ready to help those most afflicted.
In Macau, for example, the local government is undertaking similar actions. But, many believe that this will end up being too little, but more importantly, too late. This is why businesses all over the world are scrambling to find a possible solution. Most are presently working on the assumption that no money will flow from the government, or not as much as they need. Among these is Aristocrat, a gaming equipment manufacturer from Australia. This company is saying that it is ready to take the economic downturn from the coronavirus head-on.
In a written statement, the business is sharing its preparedness with the Australian Securities Exchange. It stated that the coming period will bring a softer market. It will surely bring about a significant decline in revenue. However, from the company’s perspective, this is something they are prepared for.
The company is spread out across all important regional and global markets. They are also covering more genres and market segments than ever before. This allows the company to possess long-term confidence. The same is also enforced because of a term loan that is due in October 2024. This provides it with greater financial flexibility than other businesses in the industry.
Seriousness of the Situation
The statement from the Aristocrat is also pointing out that they are taking the situation very seriously. All of its employees are practising social distancing measures. The company sent out a travel ban as well.
In the coming period, it will work on designing means for the biggest possible number of staff to work remotely. Right now, about four in five workers are working from their homes. The company employs around 6,400 workers. Still, despite the confidence, it is certain that Aristocracy is worried about the length of the present crisis.
Like always, the projections are only good if their basic calculation uses valid info. There is no way of telling when Aristocrat sees that soft market coming because right now, the market is closer to non-existent. The world will stop the coronavirus, but it is less clear when this slot maker sees that exactly happening.
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