Originally posted by: PackerBackerAZ
This was Published
The report by Macquaire Research estimates that casino companies will be able to survive between 5.2 and 14.3 months before having to file for bankruptcy protection.
MGM Resorts International is among the highest spenders, having $14.4 million cash depletion per day and according to its last reported reserves, the company would survive for 9 months at that rate of cash burn.
Boyd Gaming Corp will survive 9.4 months as it is spending $3.2 million per day.
Penn National Gaming is using $6.4 million of its cash daily and at that rate will survive just 5.2 months before running out of cash and filing for bankruptcy.
Red Rock Resorts is burning $1.7 million daily and will last 13.8 months.
Golden Entertainment, even with less cash depletion per day, $1 million, has cash reserves for 10.4 months.
Other casino operators, Century Casinos, Monarch Casino & Resort, and Full House Resorts, will need much less cash than their bigger competitors, between $200,000 and $300,000 per day, and will last between 5.8 and 14.3 months with no revenue.
https://www.gamblingnews.com/news/casinos-burn-millions-per-day-depleting-cash-reserves/
By Bailey Schulz Las Vegas Review-Journal
June 26, 2020 - 3:43 am
Updated June 30, 2020 - 10:34 am
Last week, at least nine employees on the Las Vegas Strip tested positive for COVID-19, prompting a mix of responses from companies.
Some immediately shut down the venue where the employee worked. Others kept operations going, and declined to share information, such as which department the worker had staffed.
Every hotel-casino that discovers a positive COVID-19 test among its staff must contact the Southern Nevada Health District. It’s up to each casino operator and health district to determine what to do, if anything, after that.
Full Story: https://www.reviewjournal.com/business/casinos-gaming/what-happens-when-a-casino-employee-tests-positive-it-varies-2061431/
Contact tracing is meaningless when tests take a week or more to come back. The casinos are never going to be forthcoming about covid-19 infections among their employees or customers.
https://www.reviewjournal.com/business/casinos-gaming/what-happens-when-a-casino-employee-tests-positive-it-varies-2061431/
Were the figures in the March story based on NORMAL daily expenses, or on daily expenses while shut down, which would be much, much less?
Regardless of the actual numbers, it's obvious that all those years of resort fees and 6:5 blackjack have enabled the casinos to build up some pretty tidy nest eggs and they did not need to "panic reopen." Small businesses without cash reserves are one thing. Mega-corporations are another.
In the later LVRJ story, one thing stands out: an employee tests positive, the casino has to report it, but then it is up to the casino to determine what to do. No mandate from health authorities. No mandatory immediate testing of all employees with whom that employee has come in contact. No aggressive and immediate sanitizing of all the surfaces that employee touched.
No casino will do the responsible thing and shut down when its employees test positive. They've already sold the boo-hoooooo, we're all going BROOOOOKE narrative, so local and state authorities aren't going to act, either. Remember two things:
1) In Nevada, the casinos ARE the goverment.
2) We've conclusively decided as a nation that corporate profits are more important than human life.