Las Vegas, the vibrant city known for its bustling casinos, entertainment shows, and non-stop energy, has come to a screeching halt during the COVID-19 pandemic. This drone video of the Las Vegas Boulevard showcases an eerie scene of empty resorts and closed casinos, symbolizing the millions in lost revenue and the devastating impact on the local economy.
The United States, including Las Vegas, has been hit hard by the pandemic. Let’s take a closer look at how Las Vegas is faring in these unprecedented times.
Precautions and Outbreak Concerns:
Las Vegas has faced criticism for its perceived lack of stringent COVID-19 protocols. There have been minimal testing measures in place, and residents from hotspots like Florida and Arizona have not been restricted from visiting. Temperature checks, while implemented at some casinos, are not foolproof in identifying asymptomatic carriers of the virus.
Financial Impact:
The pandemic has dealt a severe blow to the Las Vegas economy. MGM Resorts, one of the major hotel and casino operators, reported a staggering operating loss of $1 billion. They recorded a net loss of $857 million in comparison to the previous year’s net income of $43 million. The Strip, home to ten hotels, has experienced an estimated 91% decrease, amounting to $290 million in losses.
Visitor Decline:
Even before the pandemic, Las Vegas had seen a decline in visitor numbers in recent years. The peak year was 2016, with over 42 million visitors contributing to an $18 billion income. However, the road to recovery remains uncertain. Experts predict that it may take up to five years for Las Vegas to fully bounce back.
Visitor statistics paint a grim picture. In May, Las Vegas hit a record low with only 391,712 visitors. Though the city reopened on June 4th, there was only a slight resurgence, with 1,041,823 visitors in June. This is a drastic drop of 76.6% compared to June 2019 when visitor numbers reached 4.4 million.
Losses in the Casino Industry:
Las Vegas Strip casinos faced a significant blow, with June revenue plummeting to $238 million, a 61% decrease from the previous year’s $616 million. The workforce has also suffered, with mass layoffs and job terminations becoming increasingly common. Major properties like MGM, Tropicana, Wynn Resorts, and Boyd Gaming have warned employees of potential job losses if they are not called back by the end of August.
Looking Ahead:
It’s clear that Las Vegas is facing an uphill battle in the wake of the COVID-19 pandemic. The fate of its income and the recovery of the city remain uncertain. However, as the saying goes, better days are coming. Las Vegas has demonstrated resilience in the past, and it will likely bounce back, albeit with time.
As we reflect on the impact of the pandemic, it’s crucial to remember that the health and safety of residents and visitors should always be the top priority. By implementing effective safety measures and gradually restoring confidence in the city, Las Vegas can once again shine as the entertainment capital of the world.
