Canadian Casino Industry Losing Millions
Posted on September 07, 2020 at 3:09am
The world health crisis has put the entire globe in a difficult situation, with most industries suffering in a big way. But the casino industry in Canada may be amongst the worst hit in the world. The best casinos in Canada have officially been closed since March 16th, and the impact has been more devastating than many even assumed.
A recently released report detailed that, since being forced to close their doors, casinos in the region have lost roughly CA$22,828,500 on a daily basis. This does not even take into account the various employees that have had to stay at home, and therefore have been unable to earn an income. All in all, given how vast the network of gambling establishments in the Great White North is, the region may be suffering its worst economic setback in decades.
A Necessary Precaution
But even with the devastating financial impact unfolding, most agreed that closing the venues was a necessary measure. After all, the 216 casinos and other gambling halls did not shut their doors without extremely good reason. The still very real dangers of the ongoing world health crisis have not yet subsided, and businesses that rely on gathering large crowds have all felt a similar impact.
However, many gambling customers have turned to online alternatives in the meantime, leading many to wonder if some of the brick and mortar establishments will be even able to maintain business, once being allowed to reopen their doors.
As it stands, the Ontario Lottery and Gaming Corporation has not indicated when reopening will be allowed. But what is has stated is that an evaluation is underway, and that when the time is right, establishments will be allowed to gradually open for business once more.
The Ongoing Study
The Ontario Lottery and Gaming Corporation contracted Statistica and the European Casino Association to conduct the evaluation. According to a spokesperson, the purpose of the study was to more clearly indicate not only where the global casino industry currently was, but where the best casinos in Canada fell into that picture.
The spokesperson stated that the ongoing evaluation found the region to come in fourth in world, officially being one of the top 5 land-based gambling regions globally. The only regions that trump Canada are Nevada, Japan, and Singapore.
This indicates not only how large the industry is in The Great White North, but also how reliant the local economy is on the gambling industry as a whole.
Though, the report additionally found that it was not just revenue generated by slots, lotteries, and gambling halls that was being lost. Bingo halls, most popular with charitable organisations, were also losing out in a big way, bringing to a halt much of the funding being generated.
The Bottom Line
The Great Canadian Gaming Corporation, considered to a leader of the best casinos in Canada, and having establishments in almost every corner of the region, released a statement of its own. It drew attention to an evaluation of its own, summing up revenue for the second fiscal quarter, taking into account the period between 1st April and June 30th. According to the numbers, revenue for the period totalled just CA$62.8 million, a mere fraction of what would normally be expected.
The shocking number puts a spotlight on just how bad casinos have been suffering, especially considering that the amount stated included service provider fees, essentially meaning that real revenue generated was next to nothing.
All eyes will now be turning to the Ontario Lottery and Gaming Corporation, with expectations being that land-based establishments be once again allowed to open for business. At least to some extent.
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