Categories: Retail

Protests Could Lower Odds Of Vegas Reopening

Las Vegas, hit hard by the coronavirus due to its heavy entertainment-fueled economy, was planning a comeback — but that may be derailed due to the civil unrest going on over the past week, CNBC reports.

The city, known for its hotels and casinos, was planning its reopening “Welcome Back” campaign, complete with famous hotels such as Harrah’s, Caesars Palace and The Flamingo making their re-entrances to the world.

But civil unrest following the murder of George Floyd in Minneapolis has uprooted those plans, as one instance of conflict sprung up right on the Strip, where police fired tear gas and rubber bullets at protesters.

In Reno, the National Guard was called to respond to riots amid a declaration of a citywide emergency by the mayor.

Missouri has had similar issues, where casinos like Eldorado Resorts have seen reopenings upended due to protests turned violent.

Las Vegas gleans around half of its visitation from outside tourists, and tourism was largely shelved during the pandemic. Analysts have predicted that the city will likely not return to its pre-pandemic economy in the near future.

“Sustained protests certainly don’t help bring back a wider audience of leisure and group customers,” said Barry Jonas, a gaming analyst with SunTrust Robinson Humphrey. “But we don’t see those segments returning in full force anytime soon anyway, given [the] coronavirus.”

Jonas said that for the time being, he expects the revenue from casinos to come from more risk-averse customers who are willing to drive to the city.

David Katz, a gaming analyst at Jefferies, said the combination of the pandemic and civil unrest had been “tragic” for businesses that thrive on walk-in traffic, including casinos. He added that it would remain to be seen if the demonstrations would lead to more coronavirus cases that could further disrupt reopenings.

The sentiments aren’t unique to Vegas, as all over the country, retailers look toward rehabilitation after a weekend of violence and protests.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

Recent Posts

Combating ATOs With Multifactor Authentication, Behaviors Analysis And Customer Education

Much has been said about the viability of biometrics for guarding against bad actors, but financial institutions (FIs) cannot simply…

55 mins ago

How Self-Serve Onboarding Is Powering Real Estate Deals

The pandemic has fundamentally changed all aspects of real estate, and time-consuming procedures like onboarding and ID verification for prospective…

1 hour ago

Logistics, Supply Chain Tech Lead B2B Funding This Week

Taulia, a B2B FinTech startup, made headlines this week thanks to reports that the company is raising funds from Ping…

1 hour ago

How Cannabis Can Become A B2B Payments Innovation Influencer

The legal cannabis market's financial services challenges are, by now, well-known. For several years, while state-level legalization has expanded, access…

1 hour ago

Deep Dive: How Utilizing AP Automation Tools Can Help SMBs Endure Financial Strains

Cash flow is king, especially for small- to medium-sized businesses (SMBs). These firms often have less funding than their larger…

2 hours ago

Punjab National Bank Faces Third Major Fraud In As Many Years

Punjab National Bank shares fell by nearly 6 percent late Thursday (June 9) after it was defrauded $491 million by…

2 hours ago