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Two of the biggest Australian casinos have laid out the different things that they are trying to put in place so that they stay afloat. After the COVID 19 shut down a lot of land casinos in Australia have come out to be vulnerable to this recession period. Most casino players are now making the switch to online pokies for their real money casino gaming. Hence, the online gambling industry seems to be thriving from this recession. However, it will not be the end of the world for these land-based casinos. Alternatively, they are now putting in different measures to make sure they can weather out the storm until it is over.
Crown and Star Australian Casinos Layout How They Plan To Survive
Crown Resorts and Star Group have are the two biggest Australian casinos right now. Hence, there are a lot of investors that are at stake.
Therefore, the two groups have given out information as a way of assuring their investors they are trying to stay afloat. This could seem like the right thing to do considering that Australian casinos have been closed since 23 March 2020.
The Star Group‘s Plan
So far, the Star has decided to strengthen its liquidity form. Therefore, it implemented a $200 million debit-fund with a few banks.
The casino has lain off 85 000 of its workers for now. In turn, the existing workers are getting a 40% cut on their salaries. On the other hand, directors are even cutting their fees by 50%.
Crown Resorts to Continue Construction
Crown Resorts has highlighted that it will not stop the construction of its $2.2 billion projects. In addition to that, the resort has reported that it has other facilities worth $560 million.
Therefore, once the project is finished, it will be worth over $3 billion. Meaning, it is in a quite strong financial position right now.
The casino has laid off 95% of its workforce which amounts to more than 11 500 people. The ones kept are those who are considered to be of significance to the group.
Conclusion
The COVID 19 shutdown can have quite a significant impact on Australian casinos. Some may not even be able to recover from this recession. Hence, players will just have to start getting used to online casino gaming. After all, it comes with good money deals too.