Casinos and hotels will not recover from the economic damage anytime soon
A famous American billionaire who owns a network Golden Nugget Casino, the hotel business, and one of the best basketball teams NBA Houston Rockets Tilman Fertitta, recently accused some city mayors and state governors of selfishness towards the country's citizens. We are talking about new restrictions that are being introduced in the country due to the COVID-19 pandemic.
According to the billionaire, he will be forced to lay off tens of thousands of people in the near future. Fertitta said that his hourly workers have been experiencing enormous financial difficulties for several months. The benefits paid by the billionaire's funds and the state are clearly not enough for a normal existence. This mainly concerns employees of casinos and hotels that operate as part of single complexes, as well as workers in restaurants and bars.
The billionaire confidently stated that both industries (gaming and hotel) are so tightly integrated with each other that it will be very difficult for both of them to recover from the damage caused by the pandemic. In the best case scenario, this will happen in 2022. However, most likely, it will happen much later, since the full recovery of the economy depends on many factors. For example, on the effectiveness of the vaccine that will be developed in the near future.
By the way, the billionaire's family created Fertitta Entertainment and Landry's Special Fund, which helps the tycoon's employees who find themselves in a difficult situation. After filling out the appropriate document describing the problem, employees of any of the billionaire's enterprises can count on receiving free financial assistance.
Although the billionaire's casino chain, restaurants and hotels are currently operating, albeit in a limited format, a new serious decline should be expected in the near future. The fact is that the season of vacations, travel and business conferences is ending. And it's not just a matter of seasonality, but also the fact that many states are once again tightening restrictive measures due to new outbreaks of infection. Thus, a few days ago, the governor of Texas again closed bars, and restaurant attendance was limited to 50% occupancy.
