The global health crisis has placed the entire planet in a precarious position, and the majority of economic sectors are experiencing significant setbacks as a result. However, the casino business in Canada is likely to be one of the most severely affected in the globe. Since March 16th, the best casinos in Canada have been formally closed, and the effect has been more catastrophic than many people had ever anticipated before the closures.
A report that was just published stated that since since the casinos in the region were forced to lock their doors, they have suffered losses equivalent to around CA$22,828,500 every single day. This doesn’t even take into account the many workers who have been forced to stay at home and, as a result, have been unable to bring in an income for themselves and their families. Overall, considering how extensive the network of gaming institutions is across the Great White North, it’s possible that the region is experiencing the most severe economic downturn in a number of years’ time.
A Precaution That Cannot Be Ignored
However, even though the financial impact was going to be severe, most people believed that closing down the venues was the best course of action. After all, the 216 casinos and other gambling halls did not close their doors without a very compelling justification for doing so. The effects of the ongoing global health crisis have not yet abated, and businesses that are dependent on drawing in large crowds have all seen the same damage as a result.
However, during this interim period, a significant number of gamblers have shifted their business to brick-and-mortar casinos’ online competitors. As a result, many people are questioning whether or not some of these land-based casinos will even be able to keep their doors open whenever they are once again permitted to do so.
The Ontario Lottery and Gaming Corporation has not provided any indication as to when businesses will be permitted to reopen at this time. However, what has been indicated is that an assessment is now being conducted, and that when the time is appropriate, enterprises will be allowed to progressively open their doors for business once more.
This Current Research
For the purpose of carrying out the evaluation, the Ontario Lottery and Gaming Corporation awarded contracts to Statistica and the European Casino Association. The goal of the study, as stated by a spokeswoman for the company, was to more clearly illustrate not just where the worldwide casino business was at the moment, but also where the finest casinos in Canada came into that picture.
According to the spokesperson for the organization, the ongoing assessment has determined that the region is currently ranked fourth in the world, making it officially one of the top 5 land-based gaming zones around the globe. Nevada, Japan, and Singapore are the only other regions in the world that can compete with Canada.
This not only demonstrates how vast the business is in the Land of the Midnight Sun but also how dependent the local economy is on the gaming sector in general.
However, the research also discovered that the revenue that was being lost was not limited to that which was generated by slot machines, lotteries, and gambling establishments. Bingo halls, which are particularly well-liked among charity organizations, were also suffering significant losses, which brought an end to a significant portion of the income that was being generated.
The Crux of the Matter
A separate statement was issued by the Great Canadian Gaming Corporation, which is widely regarded as the most successful casino operator in all of Canada and whose properties can be found in virtually all of the country’s jurisdictions. It drew attention to an evaluation that it had conducted on its own, in which it had tallied up the revenue for the second fiscal quarter, taking into consideration the time period between April 1 and June 30. According to the data, the total revenue for the period was only $62.8 million Canadian dollars, which is a negligible portion of what would ordinarily be anticipated.
The staggering statistic sheds insight on how severely casinos have been impacted, particularly when one considers the fact that the amount reported includes fees charged by service providers, which, in essence, indicates that the actual money earned was virtually nonexistent.
The attention of everyone will now be directed toward the Ontario Lottery and Gaming Corporation, and it is anticipated that land-based establishments will soon be given permission to resume normal commercial operations. At the very least, to some degree.