Global Gambling Report: Casinos Are The Hardest Hit Gambling Sector
Most casinos resumed operations when governments relaxed travel and business restrictions. Many countries decided to open the economy to stimulate recovery and growth gradually. Casinos were mandated to follow strict health and safety protocols, including social distancing and wearing masks inside the casinos.
The new safety guidelines had a significant impact on the operational capacity of the gambling facilities. The regulations included placing limits on players during table games and cutting the number of guests inside the gambling facilities. Many casinos shut down sine of their slot machines to secure social distancing.
Global Gambling Report for 2020
Global Betting and Gaming Consultants director Lorien Pilling discussed their findings on the Global Gambling Report for this year, which concluded that it would take years for the global land-based casinos to recover from the impact of the deadly virus.
Casino gambling was the global gaming market’s largest sector, but its analysis suggests that it will lose a quarter of its revenue this year. The report projected that growth would come next year, but it would take 2023 for things to go back to normal. GBGC gathered government-imposed measures to prevent the spread of the deadly virus on various casino-related jurisdictions. Measures imposed across the globe were recorded throughout March and April.
The report revealed the decline of casinos’ profit in Macau, which closed business in February for 15 days. The report said the revenues of the Macau casinos are dramatically lower compared to the figures last year. Casinos in South Korea were mandated to close doors to a patron at the end of February, followed by the closure of casinos in Europe and North America.
Impact of closures to casino operations
The casinos’ closures brought a massive impact on the casinos’ operations, which added to the pre-existing challenges they are already facing. Silver Heritage Group was forced to shut down its casinos in Nepal when the government restricted the gathering of more than 25 individuals.
The report projected that online casinos and poker would see a rise in global revenues this year. The cancellation of sports events and the influx of disposable income during the lockdowns boosted the subscriptions to online gambling platforms. The report claimed that internet gambling would increase its share in the global gambling market by more than 13 percent. However, the trend might end when the lockdowns end and other regulations on finances return to normal.
The report also predicted the uncertainty in all gambling sectors. The International Monetary Fund noted that many countries would be challenged by multi-layered crises related to health, disruptions in the economy, low export demand, collapse in commodity prices, and capital flow reversals.
The gambling industry will face further challenges continuing the threat of the novel coronavirus.
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