According to the Reno Gazette-Journal report, the company that owns the Las Vegas Strip Venetian and Palazzo casinos announced in a revenue call Wednesday that it lost $ 985 million from April to the end of June. This represents a 97.1 percent decline from the same period in 2019.
During most of the second quarter, the Nevada casino market was closed by Governor Steve Sisolak, who forced casinos to close in mid-March and allowed them to reopen the June 4 visit Lidewapoker.
But COO Rob Goldstein predicts a bleak future for the Las Vegas gambling market if conventions and other draws to tourists are stopped because of the virus.
“Las Vegas cannot perform well without a return to this segment,” Goldstein said on the revenue call. “It can’t make money with limited hotel occupancy.”
Goldstein later said that Las Vegas had turned from a worldwide gambling destination to a regional hub. He said the city was now dependent on “drive-in” traffic.
Declines in income and demand, even after the gambling market reopening, have resulted in massive job losses in Las Vegas and in other parts of the country.
Wynn Resorts announced on Wednesday that it would leave thousands of workers behind and Circus Circuis now owned by Phil Ruffin announced it would lay off 262 employees. New Caesars CFO Bret Yunker confirmed earlier this week that following the merger with Eldorado Resorts, the company will also cut jobs.
This comes after thousands of Nevada casino workers were notified of layoffs earlier this month. According to the Nevada Department of Employment, the current unemployment rate is 15 percent.
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