Taken from Pixabay
Due to the pandemic, casinos across the United States saw a drop in revenue. With closed doors to the public, facilities are still struggling with the recovery from the economic impact that the coronavirus bestowed on them. Compared to last year, casinos saw a 3% drop in revenue.
Gaming types such as retail slots, table games, and slot machines all saw a major decrease in use, mainly because there was nobody able to use them. The losses stretched to nearly $60 million, while table games saw a loss of over $20 million.
The loss of money
Even the places that owned the best online slots reported a decrease in revenue. Some places on the outskirts of Pennsylvania saw catastrophic losses. Rivers Casino in Pittsburgh’s North Shore reported a decrease of 40%, or $13.3 million. Slot machines saw a decrease of 43%, while table games topped 44%. It’s like this all across the nation as casinos are struggling to find ways to recoup the financial losses from 2020.
The casinos that saw an increase in revenue were the locations that allowed iGaming, sports wagering, fantasy contests, and video gaming terminals. IGaming slot revenues saw the largest increase in revenue.
The states without gambling
Some states that do not legalize gambling, such as Texas, are going to have a tougher time finding ways to get back the money they lost. The closest legal sports betting to Texas is New Mexico and Arkansas, so those who live in the eastern and western parts of the states can panhandle. Currently, there are discussions to legalize sports betting, but if you get caught now, you can be charged with a misdemeanor.
Many states are moving towards the legalization of gambling since the market is expanding. E-gaming has boomed since the start of the pandemic because video games were the only form of competition available after the lockdown. Online gaming became a popular betting place, which allowed some casinos to make back some of the money they lost from professional sports. For those that have not made any attempts, they are hoping that 2021 will be their year.
A huge 2021
From blackjack to Indian card games, many members of the media believe that casinos will have a huge 2021. The distribution of the COVID-19 vaccine has begun and the hope is that in the next couple of months, there will be restrictions lifted for area casinos. As COVID numbers go down, more places will be able to reopen their doors.
A transition in the White House will also help. Investors will have more reason to feel optimistic about casino operators with exposure to China. Current President Donald Trump was engaged in a tense trade war before the pandemic. President-elect Joe Biden plans to leave an existing 25% tariff, which should ease talks with the second-largest economy in the world. Either way, the average gambler wants back into the casino, and the casinos can’t wait to get their audience back.
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