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Casino companies running out of money....

Discussion in 'Slot Machines' started by MGMSpringfield, Mar 24, 2020.

  1. MGMSpringfield

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    Those machines might be a scooch tighter upon reopening

    Las Vegas-based Boyd Gaming Corp. is burning about $3.2 million daily during the shutdown, according to the report, leaving it about 9.4 months until it’s out of cash at this rate; MGM Resorts International is burning $14.4 million daily with nine months given cash burn; Penn National is burning $6.4 million daily, with 5.2 months; Red Rock Resorts is burning $1.7 million daily with 13.8 months; Golden Entertainment is burning $1 million daily, with 10.4 months.

    https://www.reviewjournal.com/busin...rning-up-to-14-4m-a-day-report-finds-1989791/
     
    MNSlotLover and doughtaker like this.
  2. doughtaker

    doughtaker Bronze

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    I guess we'll all have to wait and see. It should be noted that after the 2008 recession, U.S. casinos in general went tighter with their comps and promotions instead of improving them (in terms of value to players) to try to attract more money and patrons. That strategy caused Station Casinos (now Red Rock Resorts) to have to file for bankruptcy.

    Let's see if any of these companies learned from last time. At a minimum they should be maintaining the same levels of comps and promos as before the shutdown. Hopefully there will be someone bold enough to go all-out and improve their promos (and values thereof).
     
    MNSlotLover and Wiscolovesvegas like this.
  3. CasinoResearch

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    Before this hit, casinos and gambling in general was on a big rise. Raising or lowering house edges can backfire. Raising them will alienate players, but lowering them will hurt their bottom line too much.
     
  4. Funkhouser

    Funkhouser Regional Gambling Specialist
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    Given the employment numbers, tax credits rolling out, and bailout money available. No way the government will let these companies collapse. The real question is do these businesses want to maintain the previous staffing levels. This pandemic may give them the excuse and justification to thin staff levels and rollout automation at a faster pace, all under the cover of economic disaster being the driver. It's one thing to say we are cutting 2000 jobs to improve the balance sheet, its another to say we are cutting 2000 jobs to save the company.

    I think that's why some companies will pass on the bailout package money in favor of access to loans backed by the government, which come with little restrictions.
     
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