Middle Market Industry Projections
To establish the effect of stay-at-home on the middle market industry during the ongoing coronavirus.
- The middle market industry has not been spared by the coronavirus crisis. Currently, casinos across the US have been affected negatively by the pandemic, forcing the closure of these businesses.
- In Northern California, for instance, casinos continue to lose business, yet they are still required to pay all casino team members their base pay and benefits.
- Some casinos such as Thunder Valley, even though closed indefinitely, will continue to pay health benefits to its workforce. Initially, some casinos had laid off some of its staff but eventually closed business as directed by health officials.
- In Nevada, the first coronavirus death prompted the closure of casinos for 30 days.
- The American Gaming Association claims that close to 1,000 commercial and tribal casinos have closed, which translates to the closure of 98% of all gaming properties across the US.
- As a result, more than 600,000 gaming employees have been affected, as their sources of income have been jeopardized.
- A report published by Deloitte & Touché shows between 2009 to 2017, US hotel gross bookings shot to $185 billion, from $116 billion. Air revenue shot to $222 billion from $155 billion.
- With these statistics, it is evident that the hospitality industry is a billion-dollar sector in terms of annual revenue. However, with the coronavirus crisis that has prompted stay-at-home orders, the industry is one of the sectors that have been hit hard by the coronavirus crisis.
- The cancellation of NCAA tournaments, for instance, has continued to escalate panic in the tourism sector. Tourism leaders say that corporate travel, meetings, and conventions continue to be affected, alongside leisure and vacation travel. As a result, tens of thousands of members of staff in this industry continue to suffer.
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