As Coronavirus continues to take hold of a majority of the world, there has been a huge economic impact. With fewer people on the streets and the closure of stores and other businesses there has been a huge impact on the New Zealand gambling industry but to what extent. In this article, we will be looking into this impact and how it may affect the industry in the future.
Lockdown Measures Across The World
When looking at the effect that the pandemic across the world, it is easy to see that there are different approaches to containing the virus. With some resorting to strict lockdown measures and others experiencing no form of lockdown at all, this is a truly unprecedented time for everyone. But as many countries still remain in some form of lockdown, questions are arising around how soon it will be before we begin to see a return to normalcy.
A majority of this uncertainty comes from businesses owners and the hospitality business as they are some of the worst-hit in this ongoing crisis. With finances running low and many relying on government help, there are a majority of businesses that have seen a huge drop in revenue in recent months. One of the worst affected by this is the gambling industry as mid-season closures of brick and mortar casinos equate to a vast drop in revenue.
Lack of Machines In Hotels
As with many other casinos, a majority of their income comes from people spending money in with hotels and slots machines in places such as airports. This is a huge problem for the industry at the moment however as hotels and airports are all closed. Without tourists spending their money in establishments such as this, monthly revenue is likely to take a hit. This has not been helped by the closure of brick and mortar casinos as this generates a huge amount of revenue from both the locals and tourists that visit here throughout the year.
The Impact On Gambling Figures
As the lockdown measures continue, there has been a huge drop in revenue figures from this time last year. According to the Louisiana Control board, the gambling market in New Orleans was down 60.8% from this time last year. This is a loss of revenue that is as a direct result of casino closures across the country. However, with a total of $97.1 million generated before the casino closure, this is still a promising time for what could re-occur when the lockdown restrictions are lifted. But with the peak of the virus still a way off for some of the countries around the world, there is just no telling when this will be.
Video Poker And The Effects Of Covid-19
Despite the closures of casinos in Louisiana, there is a promising stream of revenue in the form of video poker. With more and more people spending time at home, video poker has not been as badly affected. Though there has been a drop of 47.1% to a revenue of $23.4 million this is one line of revenue for the industry that could prove valuable when the lockdown restrictions are lifted. However, with more and more people offering online poker as a result of casinos closing man may still see some revenue being generated over time.
The Rise In Revenue Following Lockdown measures.
Though this is a difficult time for many of us some industry experts are predicting this industry to bounce back following the lockdown measures being lifted. With several live events, as well as brick and mortar casinos, opening their doors to the public, there is reason to suggest that this revenue will continue to pour in once again. It is this revenue that can benefit businesses following the coronavirus. Though it is ultimately down to the government where the generated revenue can be spent, this is likely to be put towards maintaining the economy in the future.
With this in mind, several businesses have suffered financially as a direct result of the lockdown measure implemented. However, as the peak of the virus is worked through by a majority of the world’s leading countries, many are wondering how long these lockdown measures will start.