Gambling and Sports Betting News April 6, 2020: NJ Casinos Losing $540 Mil a Day, Tribal Casinos Could Go Under
Here are today's headlines in the world of gambling and sports betting as they happen - Monday April 6, 2020.
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NJ is Losing $540M a Month in Revenue From Closed Casinos
Atlantic City is virtually a wasteland that is costing the state $540 million in casino-related revenues every month while they remain locked down amid the deadly pandemic, according to the American Gaming Association
Meanwhile, more than 26,000 workers are out of a job, part of a ripple effect that is putting a massive dent in Atlantic City’s $2.9 billion-a-year casino industry.
“We haven’t seen it play out yet, but if you look at the economic numbers that are going to start coming out in the coming weeks, this portends to be a worse economic downturn than we even saw in the great recession,” Clyde Barrow, a professor at University of Texas Rio Grande Valley and an expert on the casino industry, told The Post.
“It will be the biggest blow to the casino industry that we’ve seen in a lifetime,” he said.
More From The New York Post Here
Tribal Casino Closures Will 'be Crippling for Some' if Stretched Into June
There is a fear that once casinos can open their doors again, business won't be like it was prior to the U.S. coronavirus outbreak for months — if not years, says Jef Bauer, general manager of the Augustine Casino, which is owned by the Augustine Band of Cahuilla Indians.
Casinos in San Bernardino and Riverside, California counties started closing on March 15, with the final gaming facility in the region, Red Earth Casino, operated by the Torres-Martinez Desert Cahuilla Indians, closing its doors March 22. Gov. Gavin Newsom was the first governor to order all state residents to stay at home, and those orders are indefinite.
“The virus is invisible, and people are starting to see, today, quickly climbing death tolls and infection tolls and that is a scary thought,” Bauer said. “When the dust settles on it, there are going to be huge numbers, and I don’t believe people are going to want to get into crowds.”
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- Aaron Goldstein, Gambling911.com
