Las Vegas casino recovery threatened by new California coronavirus lockdowns

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Circa Resort & Casino developer and CEO Derek Stevens on opening a new hotel in downtown Las Vegas, which includes safety features for coronavirus. The reintroduction of COVID-19 lockdowns in California and other states adjacent to Nevada poses an emerging risk to Las Vegas casinos battling to recover from both the pandemic and efforts to contain it.Continue Reading BelowThe new restrictions threaten to choke off the automobile traffic from Nevada’s neighbors that has helped the city’s storied casinos stay afloat over the past several months while destination air travel that typically underpins the area’s tourism remains limited.”With drive-to business driving the majority of Strip revenues right now, increasing California restrictions/quarantines are a real risk for Strip operators — especially in a seasonally slower time of year,” Barry Jonas, director of equity gaming research at Truist Securities, told FOX Business.BITCOIN NO MATCH FOR GOLD IN CORONAVIRUS WORLDLas Vegas Strip gaming revenue was $2.72 billion through September, down 45% from a year ago, after casinos were ordered in March to close for nearly three months to help slow the spread of COVID-19. Gaming accounts for 33% of Strip revenue.The closings, which were the first since former President John F. Kennedy’s …

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