The impact of the coronavirus on the Chinese economy has been dramatic. The closures, the lost workdays and the instability of both the markets and the currencies left their tool. What makes the situation even worse is the fact that this process is still ongoing. Naturally, the casino industry, like every other branch, has not been immune to it.
In Macau, the biggest gambling hub in the world, the same is more than apparent. There, a 15-day shutdown caused damage worth billions of USD. Some venues like Macau Wynn came out with their precise loss projections. Others stay quiet about their impact but no one avoided it. Now, with more information on the biology and medicine of the coronavirus epidemic, things are slowly going back to normal.
However, in Macau, the employees in the casinos are concerned about the repercussions. Macau Gaming Labour Group did a study on the same issue. The results show that employees are worried about cuts in pay and layoffs. The reason for this is not just the closure of the casinos, but the reduced work hours that will likely come about.
Now, three in four survey participants fear that they will see a cut in their paycheck or benefits. Half of them were worried about incoming layoffs. All this comes at the top of the continuing risk of casino employees getting infected. Mandatory face masks should help in this regard, but there are no certainties like with any viral outbreak.
Now that the ban on casino activity is no longer in place, the operators will restart their ventures. Yet, because there is no indication that the customers will flock back in immediately, most are going for a phased reopening option. In that case, neither all facilities nor services will be open on the first day. Then, as the foot traffic grows – or better said if it grows – as expected, the facilities will open up.
This should not only save money for the operators instead of wasting it but curb the effectiveness of the virus. One thing is sure – the city itself is watching the casino industry carefully. Almost 85,000 individuals work at the six major operators and their gambling facilities. If the industry falters, not only will many of them lose jobs or see their income cut down, but the entire city will suffer because of it. Thanks to this, at least the casino operators can expect full support from the local government in their efforts.
- Coronavirus Pandemic is Forcing Osaka to Move its RFPs Deadline - March 31, 2020
- Week in Casino News: The Strain on Sports Betting and Operators looking for Extra Cash - March 29, 2020
- Housebound UK Citizens produce a Direct Benefit to Online Casinos - March 29, 2020
- Boyd Gaming is cutting down its Dividend payments because of the Coronavirus Pandemic - March 28, 2020
- West Virginia Racing Commission allows Greyhounds to Exercise, but not Race - March 28, 2020