Changes in the casino industry post COVID crisis  - PowerPoint PPT Presentation

Title: Changes in the casino industry post COVID crisis 


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Changes in the casino industry post COVID crisis 
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The casino industry has been hit hard by the
COVID crisis and, with high levels of uncertainty
surrounding the long-term impact it is difficult
to map the simplest path forward. The report, The
Path Forward for Casinos during a Post-COVID
World, is predicated on a study led in late April
2020 of 1,000 card sharks about how their desires
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have changed and various components which will
affect their arrival to club floors, including
the encounters they currently look for, the job
the economy plays in their certainty, and if
their enthusiasm for on the web and portable
betting will proceed after social distancing.
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Casinos within the U.S. are struggling to
duplicate that instant access and consumer
satisfaction. Customers who immediately receive
their funds are more likely to stay betting, but
counting on ACH, credit, or debit disbursements
means these individuals should wait between three
to 5 days before receiving their winnings.
Winners betting within their homes during the
COVID-19 pandemic unable to try to do so in the
middle of crowded casinos
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could also be more frustrated when their money
does not come through directly because they are
doing not want slow payments to interrupt their
normal gambling flows. Gambling sites should,
therefore, specialize in how they disburse funds
to customers as users will likely flock to people
who can enable the quickest experiences.
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The US casino and gambling industry is not an
exception. To encourage social distancing, brick
and mortar casinos everywhere the US are forced
to shut their doors to the general public. The
entire situation affected the web gambling
industry in the opposite way. Since most of the
US population is in quarantine and has far more
spare time to enjoy their favourite casino games
from the comfort of their homes, the web casinos
are reporting significant revenue increases.
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Chief Executive of Macau Ho Iat-Seng reported
that gaming revenues for the primary three months
of 2020 saw a 60 per cent year-on-year fall to
about 30.49 billion patacas (US3.81 billion).
Since gaming revenues are expected to remain low
for the remainder of the year thanks to the
uncertainty of the general public health crisis,
the government has cut Macaus gross gaming
forecast for 2020 by half, to 130 billion patacas
(US16 billion).
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When one conjures up a picture of their local
casino, they picture gamblers being there all
hours of the day and night. For the primary time
in recent history, most US casinos followed Macau
properties by closing their doors in response to
the coronavirus threat. Regional examples include
Encore Boston Harbor and Foxwoods Resort Casino
both closing for the primary time in their
histories since opening on June 23rd, 2019, and
February 15th, 1992 respectively.
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Books were opening in casinos, hiring employees,
adding payroll, poised to maximize a surge in
cashat least until COVID-19 hit sports gamblers
with the worst quite beat. But while some people
that can get to casinos will visit, it is
erroneous to assume that their brand preferences
would not have changed during the lockdown period.
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After a couple of weeks of the primary phaseand
provided there are not any significant COVID-19
flare-upsthe hope is that customers, also as
employees, will start to settle into behavioural
patterns that will stick beyond the crisis
period. At this stage, casino operators will need
to aggressively reposition and promote their
existing offerings. Future-looking operating
norms will need to be set in motion supported
customer and employee feedback.